ETH Technical Analysis: Ethereum Rebounds to Maintain Uptrend

The ETH technical analysis indicates an upward momentum as the token breakout multiple resistant levels, with several lower price rejections, moving above the 50-day EMA.

After dropping 1.49% on November 3 reaching the level of $1,503 due to a hike in interest rates by the Fed Reserve, Ethereum (ETH) price has regained the bull cycle, rising above $1550 on Friday. Currently trading at $1563.14 as of publishing this article ETH price has rebounded 1.89% in the last 24 hours with a daily high price of $1,582.90.

It is since September 12 that the ETH price has crossed the price point of $1575. ETH price breached multiple resistance levels with higher price rejections above the 200-day EMA, which signals a clear uptrend, indicating selling opportunities to traders.

Key Points:

The daily chart shows a strong bullish trend with multiple lower-price rejection candles

200-day EMA indicates a prolonged uptrend with the possibility of a bullish breakout

The intraday trading volume in Ethereum is $13.28 billion

Source- Tradingview

ETH Technical Analysis

Over the last 24 hours, the ETH market price reclaimed the bullish momentum with price moving above the 50-day EMA, indicating an outright bullish trend, with the RSI touching the overbought level several times, as a slow and fast line saw a bullish crossover, while Histogram shows an uptrend. Although the prices displayed a bullish attempt to sustain the mark of $1550, it faced increasing selling pressure at $1575.

Technical Indicators

After touching the overbought level showing a sideways trend RSI witnessed a bearish crossover, sharply diving below the halfway line. The histogram also indicates a sideways after a sharp downturn to the oversold zone with the MACD line approaching the moving above midline witnessing a bullish divergence.

Therefore, the ETH technical indicators show a rising bullish sentiment in the market, however, a prolonged uptrend can be encountered with a breakout due to a bullish reversal as the price is prone to hits overhead resistance.

Resistance levels- $1582.90 and $1582.52

Support levels- $1577.29 and $1574.74

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Ethereum Ether ETH technical analysis

ETH Technical Analysis: Ethereum Rebounds to Maintain Uptrend

Sanjay Shukla

Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.