TA- Ethereum Price struggles To Breakout – Eyes $2,000

August 8, 2022 0 Comments

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The price of Ethereum (ETH) has struggled to break out of a range against Tether (USDT) after being rejected from key resistance.

Ethereum price has seen a relief bounce, with Bitcoin (BTC) rallying after closing the weekly candle with bullish sentiment from a daily low of $23,000 to a region of $24,100 in the early hours. (Data feeds from Binance)

Price Analysis Of ETH On The Weekly Chart

Ethereum’s price saw a weekly close of around $1,720, with a new candle opening bullish ahead of the week.

The price has built more momentum as it faces resistance at $2,400.

If the price of ETH on the weekly chart continues with this bullish structure, it could quickly hit the $2,000 mark ahead of its merge.

Weekly resistance for ETH price – $2,400.

Weekly support for ETH price – $1,012.

Price Analysis Of ETH On The Daily (1D) Chart
ETH Daily Price Chart | Source: ETHUSDT On Tradingview.com

The price of ETH found strong support at around $1,580, with what seems to be an area of interest on the daily chart.

ETH has continued to range in a channel where it has struggled to break out, ranging between $1,580 – $1,720.

At the point of writing, the price of ETH is at $1,774, trading above the 50 exponential moving averages (EMA), which corresponds to the support at $1,536. 

ETH price would find support at $1,536, which corresponds with the daily 50 EMA if it drops due to sell-offs.

If the 50 EMA region fails to hold the price, $1,362 would be a good support to hold sell-offs and for a possible bounce of ETH price.

With more buy bids, we could see the price of ETH retesting at $2,000 -$2,400, which has been resistance on the daily chart.

The RSI for ETH price on the daily chart is above 60, indicating healthy buy bids for ETH.

The volume for ETH looks good, indicating positive signs for ETH prices to trend higher.

 

Daily (1D) resistance for ETH price – $2,400.

Daily (1D) support for ETH price – $1,536, $1,362.

Price Analysis Of ETH On The Four-Hourly (4H) Chart
Four-Hourly (4H) ETH Price Chart | Source: ETHUSDT On Tradingview.com

The price of ETH has shown a bullish continuation on the 4H chart after bouncing off from the support at $1,600. 

ETH price has struggled in this region, forming a ranging channel on the 4H chart after a rejection at $1,740 due to sell-offs.

The current price is $1,770, trading above the 50 & 200 EMA with prices of $1,660 and $1,530 on the 4H chart. These prices would act as support areas for ETH on the 4H chart.

The price of ETH is trying to break out of the channel; with good buy bids, the price of ETH could push to $2,000 -$2,400.

 

Four-Hour (4H) resistance for ETH price – $2,400.

Four-Hour (4h) support for ETH price – $1,660, $1,530.

 

A break below these support zones could send ETH price to a region of $1,362, acting as a good support area.

Featured image from Bitcoinist, Charts from TradingView.com 

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