Ethereum is looking strong to see an uptrend!
After breaking the strong resistance around $2.9k, Ethereum came back to test it as support and confirm. Together with the horizontal support, there is the EMA21 weekly, also acting as support and preparing to give momentum to the upside.
After the test, there was a close above the $2.9k area followed by a bounce. A great bullish sign, past resistance that becomes support makes it strong support.
There is a MACD cross upon daily, which is again a bullish sign that confluences with RSI making higher lows acting as bullish as well. If we see good buying volume, it will be possible to see a test on the last resistance area. On the other hand, if the major support doesn't hold we should see a test on the $2.3K zone.
There are many indicators pointing the price action to the upside:
- MACD Cross
- RSI making higher lows
- EMA 21 Weekly confined as support
- Past resistance 2,9k confirmed as support
On the balance of probabilities, there is a big chance for the prices to go up.
What do you think about this analysis? Will Ethereum hold the support and break the resistance at $3.9k or will it again retest $2.3k levels.
Let us know in the comment section below.
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After the test, there was a close above the $2.9k area followed by a bounce. A great bullish sign, past resistance that becomes support makes it strong support.
There is a MACD cross upon daily, which is again a bullish sign that confluences with RSI making higher lows acting as bullish as well. If we see good buying volume, it will be possible to see a test on the last resistance area. On the other hand, if the major support doesn't hold we should see a test on the $2.3K zone.
There are many indicators pointing the price action to the upside:
- MACD Cross
- RSI making higher lows
- EMA 21 Weekly confined as support
- Past resistance 2,9k confirmed as support
On the balance of probabilities, there is a big chance for the prices to go up.
What do you think about this analysis? Will Ethereum hold the support and break the resistance at $3.9k or will it again retest $2.3k levels.
Let us know in the comment section below.
For more analysis, educational content, and scripts, follow us.
Happy Trading!
Comment:
Price trending towards resistance. If it breaks it, there's a high probability of an uptrend and a new ATH
Comment:
Price hits the resistance.