Ethereum (ETH) is consolidating and following Bitcoin south

Ethereum (ETH): Ethereum tries to defend EMA200

• Course (ETH): $3,268 (previous week: $3,338)
• Resistances/Goals: $3,273, $3,408, $3,507 /$3,577, $3,752, $3,898, $4,043, $4,158, $4,339, $4,547, $4,719, $4,864, $5,073, $5,686, $6,518
• Supports: $3,170, $3,051/$2,993, $2,815, $2,733, $2,659, $2,571, $2,448, $2,305, $2,161

At the beginning of the week, the ether price reached the repeatedly mentioned target mark around the 65 Fibonacci retracement at USD 3,577. There was increased profit-taking here, which pushed the price back to the EMA200. Ethereum is now trading below the horizontal resistance at $3,273 again. If a sustainable recapture of this important price mark is successful, the bulls will again do everything in their power to climb back into the turquoise zone up to the cross resist from MA200 (green) and the weekly high. As long as Ethereum does not slip back below the EMA200 (blue) at USD 3,170 at the daily closing price, the bullish scenario is still intact for the time being. On the downside, Ethereum is well protected with the Supertrend combined with the EMA50 (orange) in the $2,993-$3,046 zone.

Bullish Variant (Ethereum):

At the beginning of the week, the bulls failed several times with a breakout attempt at the upper edge of the turquoise zone. As a result, the ether course corrected back to the EMA200 in the middle of the week. Courageous investors use the area around USD 3,170 for new entries and stabilized Ethereum in the red support zone. If the ether price can move back into the zone between USD 3,507 and USD 3,577 in the coming days and overcome it dynamically, the chart image will continue to brighten. Stabilization above the “Golden Pocket” activates the next price target at USD 3,752. If this resistance is also broken, a march through to USD 3,898 is likely.

The all-time high is back in focus

Here, the bears will once again attempt to cap Ether price. Should the bull camp also break through this technical hurdle, further targets at USD 4,043 and USD 4,158 will come into view. This area acts as the first relevant price target. If the overall market gains momentum, Ethereum should continue its upward movement up to USD 4,339. A march through to the overriding target price of USD 4,547, which has been mentioned several times, would also be conceivable. In perspective, the chance of a price increase up to the overarching target range between USD 4,719 and USD 4,864 thus increases further. Long-term price targets remain unchanged at USD 5,686 and USD 6,518.

Bearish Variant (Ethereum)

The bears took advantage of the recent Bitcoin consolidation to take profits on Ethereum. Starting from the weekly high, the ether course corrected by 12 percentage points and was only able to stabilize at the EMA200. If the bears can increase the selling pressure and push Ethereum back below the red support zone, plan for a rest of the supertrend at USD 3,051. The EMA50 (orange) is also currently in this range. In addition, there is another strong support with the 38 Fibonacci retracement at USD 2,993. If this support level is also dynamically breached, support levels at USD 2,815 and especially USD 2,733 will come into focus again.

Here the bulls will try to stabilize the ether course at the latest. However, if USD 2,733 is abandoned, the correction will expand towards USD 2,659 and USD 2,578. If the support at $2,578 also fails, the downside will extend to the yellow support zone. From the current perspective, a retest of the zone between USD 2,448 and USD 2,305 is to be regarded as the maximum bearish price target for the coming week. The bulls will need to avoid a dip below the yearly low of $2,161 to maintain their chances.

Indicators (Ethereum)

The RSI indicator as well as the MACD activated new sell signals in the daily chart as a result of the current consolidation. However, the RSI is currently trying to break out of 55 again. However, the weekly RSI has not yet managed to form a fresh long signal. The indicators are therefore currently not offering any clear signals.