Ethereum (ETH) price looks stronger and shows more strength against Tether (USDT) than Bitcoin (BTC). ETH price is expected to move further with more bullish sentiment as we get closer to the “merge”. (data from Binance)
Price Analysis on Ethereum (ETH) Weekly Chart
ETH price ended the week with such a mixed sentiment ahead of the upcoming “Ethereum Merge”, with several recent bullish signals.
ETH price was rejected from $2,000 after rebounding from the $1,030 low as the price continued to outperform BTC.
ETH price hit a weekly low of $1,400 before a bounce back in this area as it is seen as an area of demand by many buyers and investors.
The price of ETH could be set for another rally as it nears its intended merger, and this could positively affect the price of other altcoins as they will enjoy a relief rally in the coming days.
Weekly resistance for ETH price – $1,900.
Weekly support for ETH price – $1,400.
Price Analysis of ETH on Daily (1D) Chart
After successfully breaking the daily bullish flag, ETH price is set for a rally as the price looks more promising than it has been in recent weeks. With more buy order volume, the price is likely to move higher towards the $1,900 high, where it will face resistance.
For ETH to move higher, it needs to flip the resistance at $1,980 in order to prevent the price from going higher.
If ETH maintains this bullish structure, we can see a further bullish bias from its price, but if ETH fails to maintain its bullish structure, we could see price retest support areas that have formed. Its price has stopped from coming down.
ETH price is trading below its 50 and 200 exponential moving averages (EMA) at $1,582 on the daily time frame. The $1,620 and $2,030 prices, which correspond to the 50 and 200 EMAs, are acting as resistance for ETH price.
Daily (1D) resistance for ETH price – $1,620, $2,030.
Daily (1D) support for ETH price – $1,400.
ETH price analysis on a four-hour (4H) chart
ETH price remains bullish on the 4H time frame, trading slightly above the 50 EMA, acting as support.
ETH price should break above the 50 and 200 EMAs to give a good chance for a higher trend; With a good buy order, the price is likely to break above the $1,800-$1,900 high region which corresponds to the 61.8% Fibonacci retracement price of the move.
The price of ETH has seen decent volumes in the recent past and will rise sharply as more buy orders increase.
On the 4H chart, the Relative Strength Index (RSI) for ETH is above 65, indicating buy order volume for the ETH price.
Four-hour (1H) resistance for ETH price – $1,620.
Four-hour (1H) support for ETH price – $1,500.
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