Ethereum Price Analysis

Ethereum price analysis; Trying to defend support


Ethereum is currently 14.5 percent away from its all-time high of $ 2.517 last week. Ethereum has been seeking to maintain support in recent days, and its response to these areas in the coming days will have a significant impact on its process.

to the the report Cryptopotito, the Ethereum, sought to cross its resistance at Fibonacci 1.618 before falling. The crash happened on Sunday and eventually pushed the digital currency to $ 1,925 and the Fibonacci level of 0.618, a support area. After that, we quickly saw a price recovery and a return to over $ 2,200.

Yesterday, the price of Ethereum fell again, but was supported in the area of ​​$ 2,162 (Fibonacci 0.382). The daily Ethereum candle was closed in the same area. The 20-day moving average also added to the strength of this support. Today, Ethereum also sought to stabilize above this support area.

The first support for Ethereum is in the area of ​​2,162 (Fibonacci 0.382 and 20-day moving average). After that, $ 2,100, $ 2,000 and $ 1,925 (Fibonacci 0.618 and 50-day moving average) are the next supports.

$ 2,300 is Ethereum’s first resistance. After this area, areas $ 2,400 (Fibonacci 1.414 and orange line), area 2517 (Fibonacci 1.618 and blue line), $ 2,600 and $ 2,680 (Fibonacci 1.618 and orange line) Are located.

The relative strength index had just fallen below the midfield, but is now returning to the top. Breaking the midfield indicates that the previous jump is generally over. In order to regain market control for buyers, it is necessary for this index to exceed 50.

Ethereum Price Chart
Ethereum Price Chart

Ethereum / Bitcoin currency pairs

Ethereum has performed well compared to Bitcoin. Last week, it saw a new 2021 record set in the 0.04 bitcoin range, but failed to break that threshold. A quick fall on Sunday pushed the price of Ethereum to 0.0366 bitcoins, but quickly recovered to close at $ 0.04.

In the last 6 days, the price of Ethereum has fluctuated in the range between 0.0385 bitcoins to 0.04 bitcoins, and the registration of the next candlestick outside this range can determine the direction of further fluctuations.

The closest resistance to Ethereum is at 0.04 Bitcoin. 0.0406 bitcoin (2020 peak), 0.0416 bitcoin range (2019 peak) and 0.0425 bitcoin area (0.786 Fibonacci retracement) are the next Ethereum resistances.

0.0385 is the first price support for Ethereum. 0.038 bitcoin, 0.037 bitcoin and 0.036 bitcoin (peak of March 2019) are other Ethereum supports.

Ethereum / Bitcoin price chart
Ethereum / Bitcoin price chart

The relative strength index for the Ethereum / Bitcoin currency pair is above 50, which indicates more buyer power. At the same time, we are witnessing a decrease and divergence in price. According to experts, this can be considered a sign of impending collapse.

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