Ethereum Technical Analysis / Crypto Market Analysis

Ethereum is Bullish – Will It Target $3950 Again?

The Ethereum price bounced from a 38.2% Fibonacci retracement level at $3,517 against the U.S. Dollar, currently trading at about $3,800. The trend is bullish, but the market has been consolidating for nine consecutive days after ETH peaked at $3,950. Interestingly, the consolidation phase created immediate support and resistance levels at $3,626 and $3,950, respectively.

ETH/USD Technical Analysis 4-Hour Chart

The technical indicators in the 4-hour chart give mixed signals. In this technical analysis, we will dissect the awesome oscillator, RSI (14), and the stochastic oscillator (8.3.3) to forecast possible scenarios.

The awesome oscillator bars are small, red, and clinging to the zero line, suggesting a neutral market.
The RSI indicator value is 79, showing uptrend momentum, suggesting the primary trend should resume.
The stochastic oscillator approaches the overbought territory with a %K value of 78. This means the uptick momentum began from the 38.2% Fibonacci has some room left until the Ethereum price becomes overbought.

These developments in the technical indicators in the 4-hour chart indicate the ETH/USD bullish trend is losing momentum, but the price will likely increase gradually.

ETH/USD Technical Analysis 1-Hour Chart

Zooming into the ETH/USD one-hour chart, we notice the price is rising and surpasses Saturday’s highest point at $3,781. This can lead to the consolidation phase ending. In addition, the Ethereum price is above the Bollinger middle line, which is a sign of an uptick moment, but the exchange rate is above the upper Bollinger band, which suggests the market is overbought in the short term.

The Bollinger band in the 1-Hour chart suggests the market might have a slight decline to test the middle line of the Bollinger band at about $3,758 before the uptrend resumes.

Ethereum is Bullish – Will It Target $3950 Again?

From a technical standpoint, Ethereum’s primary trend is bullish. The EMA 50 and the 38.2% Fibonacci retracement level support the uptrend. Ethereum’s bullish momentum has waned since last week, but the price crossed above the immediate resistance at $3,781. This development suggests the bulls will likely target May’s high at $3,950 again.

EMA 50 and 38.2% Fibonacci at $3,517 stand between the bull and the bear market. That said, if the ETH/USD price dips below the $3,517 mark, the price can dip to the %50 Fibonacci, followed by the 61.8% Fibonacci, $3,383 and $3,249, respectively.