Home Analysis Ethereum Enters Critical Resistance Zone With Bullish Move Needs to Show Sustainability

Ethereum Enters Critical Resistance Zone With Bullish Move Needs to Show Sustainability

  • Ethereum is finally into resting the critical resistance zone lying around $480.00 to $490.00 with a weekly gain of 4.00%
  • However, the ETH/BTC pair is trading negative with an overall loss of -4.71% bringing the current level down to 0.02641460 BTC
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Source:tradingview

The monthly chart of Ethereum reflects on the significant price recovery action made by the price levels forming an ascending triangle pattern since the start of the second financial quarter. Ether has now reached its yearly-high of $480.00 again and looking to gain new levels for the month. However, the price mark of $480.00 has the tendency to provide strong negative reversals to the world’s second-largest crypto asset. If the bulls are able to maintain sustainability on the current price levels, we can be expecting the bullish rally to further move around $550. Other bullish targets for Ether are set at $659 and $760 respectively with strong support placed at $343.00 for the downside. 

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Source:tradingview

The current price levels have the tendency to move in neither way. Looking into past historical data, the price mark of $490.00 has provided significant negative reversals to the digital asset. However, the current sentiment prevailing for ethereum in the market is support for a positive breakout as BTC and ETH both heading towards gaining new levels for the month. 

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Source:tradingview

The baseline in the ascending triangle can be acting as the support line for ether which will help the price levels to avoid any sharp negative divergence and prevail its positive sentiments at the same time. A positive breakout above the pattern will surely put ether above the crucial price mark of $500.00. Any retracement below $340.00 can be treated as a bearish signal in the upcoming trading sessions. 

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Source:tradingview

The moving average convergence & divergence (MACD) is moving with strong bullish sentiments after a bullish crossover and showing no signs of retracements as of now. 

The relative strength index (RSI) of Ethereum is also supporting the bullish move and targeting the overbought region with positive nature. The current level stands at 65.16 and a break above 70.00 can provide sustainability over the gained price levels. 

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Krystian Bielanski
Krystian is a crypto trader and investor with a background in IT based in Hong Kong. He specialises in technical and fundamental analysis working closely with chartist and algo programmers.

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