ETH is caught in a close range, since $ 2,000 is still a critical bullish goal (Ethereum price analysis)

ETH is caught in a close range, since $ 2,000 is still a critical bullish goal (Ethereum price analysis)

The price of Ethereum is located in a narrow area that is limited by the upper limit of the descending flag and the sliding 100-day average. However, this narrow area is about to be broken, which indicates an upcoming direction for the next movement.

technical analysis

of Shayan

The daily chart

On the daily chart you can see that Ethereum had to struggle with the sliding 100-day average over a longer period of time and could not break below. The price is currently in a tight range between the sliding 100-day average at $ 1,814 and the upper trend line of the descending flag, for example at $ 1,880

The price is about to break out of this critical area, which will determine the course of its next movement. If it increases over the downward trend line, Ethereum's price will strive for the significant resistance zone by $ 2,000. Conversely, a decline under the sliding 100-day average leads to a cascade in the direction of the next level of support at around $ 1.7,000.

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The 4-hour diagram

If you shift the focus on the 4-hour chart, it becomes clear that Ethereum is caught in a consolidation area, which is limited by the static resistance zone at $ 2,000 and the static support zone at $ 1.7,000. This span continued for several months after unsuccessful attempts to break out.

However, the price of Ethereum also comes across a dynamic level of support at the lower limit of the rising channel, currently $ 1.8,000. It is likely that the cryptocurrency will remain within this area of consolidation until the market calms down and the SEC binance problem is solved.

During this time, special caution is required when participating in the futures trade.

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