An ETH Awakening? – The drop in rates has clearly boosted risky assets such as those in the cryptocurrency sector. Ethereum has managed to clearly surpass $2,500, but it seems that investors still do not want to bet on the second capitalization of cryptocurrencies. Is the recent recovery enough to regain clear bullish momentum on a weekly basis? Let’s take stock of the situation in today’s bulletin!
Ethereum price climbs 14% in a week.
If everything is not perfect on ETH, the price still shows a an increase of 14% in one week. Ethereum price in 24 hours stagnant around $2,600 :
| Few | 1H | 24H | 7D | 1 million | 3M | 6M |
|---|---|---|---|---|---|---|
ETH/BTC |
-0.13% | -0.41% | 6.18% | -3.76% | -24.85% | -18.11% |
ETH/USDT |
0.05% | -0.17% | 14.28% | -4.22% | -22.14% | -26.41% |
Ethereum performance against different pairs. Source: Coincheckup
It will not erase this recent increase known decline in six months against the dollar (-26%). On the other hand, The ETH/BTC pair is waking uprises more than 6% in one week.
ETH is headed for weekly resistance at $2,900
The price of Ethereum is fragile since Marchbecause after he had stuck at the $4,000 levelthe course has lost important weekly support at $2,900. Then the course was found buyers on support at $2,150and managed to get back across the border level at $2,450 :
Now ETH has to face institutional bias (EMA 9/EMA 18) bears if resistance at $2,900. To be on the level bullish on ETHwould be necessary break $2,900. Such a move would likely enable ETH find $4000. If the course rejected at $2,900AND back to $2,450 remains possible.
RSI moving down several months, but is currently trying to do so break the bearish trend line. A clear break in the trend line could enable price regain bullish volatility. for now, momentum remains fragile.
$2,700 resistance to be broken in 4 hours for Ethereum
ETH continues rising troughs and peaks because the lowest recorded at $2,200. for now, the 9 and 18 moving averages act as support for course:
To be able to find $2,900it will be necessary to get rid of the resistance in 4H located at $2,700. If the level blocks the price, ETH could finding support again at $2,570. Note that the RSI is clear bullish and behind the bullish trendline. THE buyers have their hands on the momentum in 4 hours.
Thanks to the reaction of the bulls, the price goes back beyond the resistance zone at $2,450. For ETH, another strong weekly resistance lies at $2,900. And if this resistance is broken, the price opens up to a potential return to the highs of the year. Despite the continued recovery, ETFs remain struggling…