• Ethereum’s price has been trading sideways, oscillating between the 50-day moving average and the $1800 support level.
• If ETH breaks out of its falling wedge pattern, it could move up to test the $2200 resistance level.
• The RSI indicator shows minimal insight, as it is running flat around the 50% mark.
Ethereum Price Analysis
Ethereum’s price has been trapped in a tight range recently, showing little intent to move significantly to either side. However, changes could be expected shortly.
Daily Chart Overview
On the daily timeframe, the price has been oscillating between the 50-day moving average located around the $1900 mark and the $1800 static support level during past 7 days. From a classical PA point of view, market is likely to reach lower levels as it has made a lower high and a lower low recently. In this case, $1800 could break and ETH could test 200-day moving average which is trending around 1600 level.
On other hand if ETH climbs above 50-day moving average it would likely rally higher and eventually test 2200 resistance area in short term.
4 Hour Chart Overview
Looking at 4 hour chart it is evident that price has formed large falling wedge pattern below 2000 mark. A breakout above this pattern would be classical continuation pattern which would probably result in run toward 2200 resistance zone.
Even so price still has long way to reach higher boundary of pattern as currently testing 1800 support area. RSI indicator also provides minimal insight as it has been running relatively flat around 50% mark pointing equilibrium in momentum.
Sentiment Analysis