Ethereum Price Analysis: ETH Price Building Support Zone At $2K

ethereum performed with positive momentum
  • Ethereum performed positive momentum on Saturday’s trading session
  • ETH price is $2005, which is up by 3.50% in the last 24-hour time-frame and 9.0% up from the previous week
  • ETH/BTC pair is positive with a gain of 2.58% in Saturday’s trading session (0.035900)
Source: TradingView

Ethereum had positive momentum on the weekly chart, and it progressed up to $2034.40 on February 20, 2021, while breaking over the resistance zones created in the past. Whereas, ETH price framed a record of an All-time high. Meanwhile, the trading volume of $30,304,293,553 in the last 24-hour time-frame signifies an increase in the value of 13.05%.

Ethereum (ETH) Technical Chart Indicates a Positive Trend

Source: ETH/USD on TradingView

The technical chart of Ethereum highlights a positive trend. In contrast, ETH price is at $2005. According to pivot points, the critical support level for ETH is placed at $1635. Whereas if it moves up, the key resistance level to watch is $2070. While diving into the weekly chart of a 4-hour time-frame, it completes an inverted hammer candlestick pattern, indicating the bears have overwhelmed the bulls and are now in control.

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Volume indicator with the amount (66.332K) exhibits a selling volume in coin. Investors can further expect an decrease in selling volume in future trading sessions.

SMA-200, price is at $1551.71, which acts as another reliable support in the coin. The price is above the SMA, and investors can expect a bullish trend in the coin.

MACD indicator (BULLISH), bullish crossover over signal line detected on February 20, 2021, indicated a buy signal in the coin during the trading session. Also, it denotes tiny green bars on Histogram.

RSI indicator (BULLISH) with a value of 69.65 indicates a buy signal in the coin, investors can witness a rise in value in upcoming trading sessions.

Conclusion 

ETH price is up by 3.50% on Saturday’s trading session. The price is above the SMA of $1551.71. Investors may expect the movement of price towards the resistance level of $2070. All technical indicators recommend a buy signal in the coin.

Resistance: $2070

Support: $1635

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Nikhil Ingolehttp://themarketperiodical.com
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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