ETH Technical Analysis: Ethereum Buyers Struggling To Cross $1775
Table of contents
Key technical points:
Past Performance of ETH
As mentioned in our previous article, the ETH prices showcase a successful post-retest reversal from $1600 thanks to the streak of Doji candles. The bullish reversal completes a support trend line in the daily chart and crosses above the $1700 mark. Currently, the bullish reversal accounts for a price jump of 8% over the last four days as it sustains about the 100-day SMA.
Source- Tradingview
ETH Technical Analysis
Currently, the ETH price action showcases a growing bullish influence over the daily candle as it prepares to form a morning star pattern. Hence, traders can expect the bullish reversal rally to exceed the $1775 mark. As the Ethereum market prices sustain above the 100-day SMA, the supporting 50-day SMA takes a positive turnaround reflecting an improvement in the underlying bullishness.
The RSI slope maintains a lateral trend in the nearly overbought zone crisscrossing the 14-day average line. Moreover, the lateral trend in the fast and slow lines after the recent merger maintains the neutral point of view of the MACD indicator.
In a nutshell, the ETH Technical Analysis suggests that traders should wait for the price action confirmation of a bullish breakout. This is due to the opposing point of view of the price action analysis in the technical indicators.
Upcoming Trend
If the ETH price trend continues above the $1775 mark, the bullish trend continuation will hit the $1900 mark. However, a bearish reversal cracking the support trendline will retest the crucial support at the $1700 mark.
Resistance Levels: $1775 and $1900
Support Levels: $1700 and $1487