Here is the first level of support if the ETH fails at $ 1,800 (Ethereum price analysis)

Here is the first level of support if the ETH fails at $ 1,800 (Ethereum price analysis)

The price of ETH has been on the advance since recovery from the $ 1000 area and has broken several significant level of resistance. However, cryptocurrency currently shows a lack of dynamics, which indicates a possible short -term correction.

technical analysis

from: edris

the daily type:

on the daily chart, the course stays over the broken symmetrical triangle after broken it up. However, the resistance range of $ 1,800 still has to be conquered, and the price has trouble getting ahead.

The market is currently slowly moving upwards after testing the upper border of the symmetrical triangle again, but does not show a decisive momentum to move away from the $ 1800 mark. If a correction occurs in the coming days, the higher trend line of the triangle could be tested again, followed by the sliding 50-day average and the 200-day average, which are around $ 1700 or $ 1400.

When the price finally fits out of the $ 1800 range, a rally in the direction of the resistance brand of $ 2300 can be expected at short notice.

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The 4-hour diagram:

If you look at the 4-hour time frame, it is obvious that the price oscillates in a tight span of around $ 1800 mark, which neither shows the willingness to break it up, nor a rejection downwards. The higher trend line of the large triangular pattern could be tested near the level of support of $ 1680 if the market falls, and there could be sufficient support to drive the price up.

A collapse of these levels could lead to a decline in the key area of ​​$ 1500. The RSI indicator has also been relatively flat in the past few days, but remained above the 50%threshold.

This signal indicates that the bulls still have control, but could let their dominance, which could lead to a correction in the near future.

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