The buyers are back – Bitcoin is above $30,000 again. In fact, he has closed the week in the green with an increase of more than 10%. At the same time, Ethereum also marked a bullish week with a close above $1,650 (+7%). Is Ethereum preparing to explode higher? Or is the price already at significant resistance which could slow down the price of the prince of cryptocurrencies? It’s time for your ETH newsletter.
This analysis of the Ethereum price is offered to you in partnership with CryptoTrader and its algorithmic trading solution finally accessible to individuals.
Ethereum price climbs almost 2% in 24 hours
Buyers are back on the prince of cryptocurrencies, but for how long? THE Ethereum price climbs 2% in 24 hours and more than 5% in one week :
In one month, the course shows a increase of more than 4%. However, in three months, ETH drop of almost 10%. At the same time, the course ofETH remains feverish against Bitcoin. Indeed, the pair stagnates over 24 hoursbut she drop of 3.5% in one week.
Ethereum price nears weekly resistance at $1,770
Buyers defended the level of support located at $1,570and the course closed the week with a increase of almost 7%. Can the rise continue this week? The course is at the level of institutional bias (EMA 9/EMA 18) bearishhe could act as dynamic resistance. Also, the price is close to the resistance at $1,770and the bearish trendline:
Concretely, as long as the price remains stuck below the bearish trendline, sellers have the opportunity to regain control. A break in this trendline could lead to bullish volatility. To do this, it will be necessary to break the level of resistance at $1,770and use it as a support to return to the level of the resistance at $1,930. If buyers push, the price could then touch the psychological round number of $2,000. On the other hand, if the resistances hold, the price could return to the level of support at $1,570.
The RSI once again attempts to break the bearish trendline. A fence beyond 50 of RSI would make it possible to find a bullish momentum. In this case, the buyers would regain control of the momentum on a weekly basis.
Ethereum price stuck on resistance at $1,685 in 4 hours
In the short term, buyers have regained control of the price. However, this morning, the price blocked at the level of 4H resistance located at $1,685 :
THE institutional bias is upwardand if the price continues to fall, it could act as dynamic support. In the event of a fall, buyers will have to defend the support located at $1,650. In the event that the resistance at $1,685 would give way, the price could then head towards the next resistance found at $1,730. The RSI continues to show ascending lows and highs, the buyers have their hands on momentum.
The price of Ethereum is less solid than Bitcoin, but it closes the week in green. On a weekly basis, the price will have to break away from the bearish trendline to regain upward volatility. To do this, it will be necessary to retake the level at $1,770 as support. In 4 H time frame, the price must maintain the support level at $1,650, and break the resistance at $1,685 to continue the upward momentum. Traders have their eyes on the potential approval of a spot Bitcoin ETF, with Google searches associated with these terms exploding upwards.
Is it possible to be a winner every time? Whether the price of Bitcoin is in great shape, or going through turbulence, CryptoTrader allows you to increase your chances of success through its 100% automated algorithmic trading tool (commercial link).