Ethereum ETH price regained its bullish trend against Tether (USDT) as it builds more strength to break above the key resistance ahead of “The Merge.” ETH price saw a rejection to a region of $1,500 recently as it could not hold its bullish trendline acting as support. (Data from Binance)
Ethereum ETH Price Analysis On The Weekly Chart
ETH weekly candle closed with a bearish sentiment, with the new week’s candle looking bullish for price recovery.
If the price of ETH on the weekly chart maintains this structure, it could quickly trend higher to a region of $1,800, acting as the weekly resistance for the price. To avoid falling below, the price of ETH needs to hold this support zone at $1,700.
Weekly resistance for the price of ETH – $1,800.
Weekly support for the price of ETH – $1,700, $1,600.
Price Analysis Of ETH On The Daily (1D) Chart
With more buy orders, the price of ETH would continue to trend to the upside after forming support above the uptrend line holding ETH price. ETH holding its price above this trendline will help it trend higher.
To confirm the bullish sentiment of ETH, the price bounced with good buy volume after seeing a retracement below its rising wedge.
The price of ETH has shown a bullish structure after breaking out, forming a bullish trend; if bulls step in, the price of ETH could trend higher to a region of $1,800-$2,000 acting as key resistance on the daily timeframe.
On the daily chart, the Relative Strength Index (RSI) for the price of ETH is above 50, indicating more buy orders.
Daily (1D) resistance for ETH price – $1,800-$2,000.
Daily (1D) support for ETH price – $1,650.
Price Analysis Of Ethereum On The Four-Hourly (4H) Chart
Four-Hourly (4H) resistance for ETH price – $1,800-$2,000.
Four-Hourly (4H) support for ETH price – $1,690-$1,670.
Featured Image From zipmex, Charts From TradingView.com
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