The gains were capped at $2151 so far. As the gains were rejected at this level, the price managed to find continuous support at psychological support of $2000 per Ethereum.
Ethereum is now being traded in a tight range from $2000 to $2150 and break of each of these levels will lead to increased momentum. We can consider this tight range as a flag.
As the overall trend is a strong uptrend and no bearish divergence or any other bearish signs aren’t present, a break of $2150 is more likely to happen instead of a breakdown below $2000, however it’s still possible.
Resistance levels are located at:
$2150
$2300
$2440
$2570
These levels are based on $1000 resistance levels as we don’t have any info about where is resistance above $2000.
Indicators.
RSI is talking about bullish momentum being present as it’s above 60 with no bearish divergences, correction signals to be found.
MACD is in an average buying wave and the bullish momentum seems to start falter.
The overall trend based on EMA’s is a strong uptrend as the price is located above 20 EMA. However the price is not ready yet to move higher as 20 EMA is bit far from the price. Surely the price can move higher, but Ethereum is rather conservative and waits for EMA support often.
Support levels
Trend of higher lows is located at $1650
Trend line support is located at $1650
EMA support is at $1900 and $1750.
The conclusion is that Ethereum will be moving sideways for a while until 20 EMA catches up and then move to $2300.
Ethereum is now being traded in a tight range from $2000 to $2150 and break of each of these levels will lead to increased momentum. We can consider this tight range as a flag.
As the overall trend is a strong uptrend and no bearish divergence or any other bearish signs aren’t present, a break of $2150 is more likely to happen instead of a breakdown below $2000, however it’s still possible.
Resistance levels are located at:
$2150
$2300
$2440
$2570
These levels are based on $1000 resistance levels as we don’t have any info about where is resistance above $2000.
Indicators.
RSI is talking about bullish momentum being present as it’s above 60 with no bearish divergences, correction signals to be found.
MACD is in an average buying wave and the bullish momentum seems to start falter.
The overall trend based on EMA’s is a strong uptrend as the price is located above 20 EMA. However the price is not ready yet to move higher as 20 EMA is bit far from the price. Surely the price can move higher, but Ethereum is rather conservative and waits for EMA support often.
Support levels
Trend of higher lows is located at $1650
Trend line support is located at $1650
EMA support is at $1900 and $1750.
The conclusion is that Ethereum will be moving sideways for a while until 20 EMA catches up and then move to $2300.
