- Ethereum has seen a bullwhip-like move in the trade after breaking above $ 1,300 and falling to the $ 1,050 support (.382 Fib Retracement) this week. It then rebounded on Wednesday, but was stuck in the short-term bearish trend line.
Ethereum has seen a bullwhip-like move in the trade after breaking above $ 1,300 and falling to the $ 1,050 support (.382 Fib Retracement) this week. It then rebounded on Wednesday, but was stuck in the short-term bearish trend line.
What has happened recently on the Ethereum front?
ETH later dropped but found support at $ 1,165 (0.236 Fib Retracement). It broke above the short-term bearish trend line and recovered from this support today to rise as high as $ 1,295. It has since declined slightly and is trading at the near $ 1,275 resistance provided by the .886 Fib Retracement which shows a bearish trend. This resistance halted the market in the first week of January 2020.
Support and resistance levels, critical points
Looking ahead, if the bulls break above $ 1,275 today (bearish .886 Fib Retracement), the initial resistance level is $ 1,300. This is followed by $ 1,350 (January 2021 peak), 1,392 (1.618 Fib Extension – purple) and $ 1,425 (ATH). Beyond ATH, additional resistance is $ 1,472, 1,530 and $ 1,582.
On the other hand, the initial support level is $ 1,200. This is followed by $ 1.165 (.236 Fib), $ 1.100 and $ 1.050 (.382 Fib Retracement).
The RSI recovered from the midline and started higher as the bullish momentum increased. ETH has a lot of room to continue rising before it gets to the point of overbought. Additionally, the Stochastic RSI generated a bullish trend signal in the oversold zone.
Key Support Levels: $ 1,200, 1,165 and $ 1,100
Key Resistance Levels: $ 1,300, $ 1,350 and $ 1,392