This short article provides Ethereum technical analysis, highlighting key trends, potential price changes, and important market indicators.
Ethereum Technical Analysis
Here’s the ETHUSD weekly chart. The uptick momentum on Ethereum has extended to the key resistance level of $2,120. While the pair is trading within the weekly bullish channel, the price has reacted negatively to the $2,120 barrier twice – once in early August 2022 and then in mid-April 2023.
To gain a better insight into ETHUSD price action, let’s zoom into the daily chart. The RSI indicator shows that the market is saturated with bullish pressure. This signal, coupled with the significance of the $2,120 resistance, might lead the ETH price to correct some of the recent gains to the 23.6% Fibonacci retracement level, which coincides with July’s high around $2,010.
Analysts at FxNews suggest waiting for the ETHUSD price to drop to the 23.6% Fibonacci level and advise against buying the pair at the current price. The next price action that could trigger buying pressures for the pair is a close above the weekly resistance.
This Ethereum Technical analysis aims to provide you with the latest price action of the pair, along with tips and tricks on how to dissect the market in detail and make informed decisions.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.