TA- Ethereum Price struggles To Breakout – Eyes $2,000
August 08 2022 - 8:00AM
NEWSBTC
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) Related Reading: TA: Bitcoin Price
Could Rally If There Is A Close Above This Key Resistance 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 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 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. Related Reading: TRON (TRX)
TVL Accelerates To Nearly $2 Billion Last Month Featured image from
Bitcoinist, Charts from TradingView.com
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024