The price of Ethereum (ETH) can recover noticeably from the sell-off of the previous weeks and is trading a good 10 percent higher than in the previous week.
- Price (ETH): 1,212 USD (previous week: 1,081 USD)
- Short-term resistances/targets: 1,267 USD, 1,425/1,473 USD, 1,571 USD, 1,713 USD, 1,829 USD, 1,909 USD, 2,050 USD, 2,164 USD, 2,305 USD, 2,448/2,485 USD, 2,733 USD
- Short-term supports: 1,062 USD, 992 USD, 935 USD, 882 USD, 720 USD, 663/634 USD, 531/489 USD
If the resistance at 1,359 USD is also overcome, a direct march through to the gray resistance zone is likely. Here, in addition to the horizontal resistance, the super trend is also waiting. In the first attempt, therefore, a price setback is to be planned. The Ether price can recover noticeably after the sharp sell-off last weekend and is now trading at USD 1,209, around 36 percent above its new low for the year of USD 882. The fact that Ethereum, in step with the cryptocurrency Bitcoin (BTC), has risen noticeably towards the north again in the last few trading days is to be assessed as bullish in the short term. If, on the other hand, Ethereum fails again at USD 1,267 and bounces dynamically to the south, another retest of the purple support zone between USD 1,062 and USD 992 is to be planned.
The following price trends must be taken into account
Once again, stabilization attempts on the part of the buyer camp are to be expected. The washout last weekend liquidated many leveraged long positions and drastically reduced the open interest, i.e. the total amount of open bets on rising prices. A technical countermovement, as currently seen, is thus completely unproblematic for the bears. Here, we can again expect increased resistance from the bull camp.
Bullish scenario (Ethereum)
Many investors seem to have used the price discount of the previous weeks for fresh entries in the second largest cryptocurrency.
Now, investors need to stabilize the Ether price further above the psychological USD 1,000 mark in the coming trading days to confirm a bottoming out. Read more Bitcoin News and get the last Bitcoin Price on article source: Ethereum (ETH) with double-digit price growth Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations. They are merely an assessment by the analyst. The recovery movement should lead the Ether price back above 1,359 to the gray resistance area between 1,425 USD and 1,473 USD. Here, a first stronger resistance area is found with the super trend in the daily chart.
The recovery takes shape
If the bulls can continue to build buying pressure and Ethereum generates a daily close above USD 1,909, investors will focus on further recovery targets at USD 2,050 and especially USD 2,164. A stronger price correction is to be expected at USD 2,164 at the latest. Looking at the indicators, the MACD on a daily basis now shows a first buy signal. The RSI can also move noticeably away from its oversold levels at 20 and is currently trying to climb back into the neutral zone between 45 and 55. If the bulls can then stabilize the price of Ethereum above USD 1,267 and subsequently break through the USD 1,473 mark, Ethereum should rise to USD 1,571. Then, the purple support zone as the first target area comes into view again. For the most part, a capitulation of bullish investors resulted in a countermovement towards the north. If there is no massive profit-taking here either and the crypto market continues to recover, the demolition edge at USD 1,713 comes into view as a target. In addition to the strong horizontal resistance, the EMA50 (orange) and the downtrend line starting from the high at 2,164 USD also run at this price mark. A price bounce is therefore very likely.
Bearish scenario (Ethereum)
Only when the Ether price stabilizes above USD 1,713, a further upward movement to the 23 Fibonacci retracement at USD 1,909 can be planned. If Ethereum also overcomes this strong resistance in the coming trading months, the price recovery will extend to the yellow resist zone between USD 2,305 and USD 2,485. This resistance zone remains the maximum bullish price target. In the previous week, the sell side reached the maximum target range between USD 922 and USD 842, which was mentioned several times recently. If the crypto market does not stabilize sustainably in the coming months, it is also conceivable that Ethereum will continue to fall. Looking at the Ether chart, as mentioned in the previous week’s analysis, the high at USD 1,267 remains the first serious resistance. If the price stabilizes above this relevant level, the chart of Ethereum will brighten further.
New trend lows come into focus
Ethereum should then only find support between USD 663 and USD 634. In addition to the overriding 50 Fibonacci retracement, the breakout level from December 2020 also runs in this support zone. Another positive factor is the current recovery in the major US stock indices Nasdaq100 and S&P500, which seems to be increasingly spreading to the crypto market. Picture by Pixabay If the bears succeed in undercutting this zone on the daily closing price, the correction will extend to 720 USD. If, contrary to expectations, Ethereum is able to sustainably recapture this zone, the higher price target at USD 2,733 is activated. This is where the breakout edge from May 05, 2022 can be found. However, if Ethereum does not find a foothold here, the maximum overriding target range between USD 531 and USD 489 will come into focus. As long as the sellers’ camp manages to cap Ethereum at USD 1,267, but at the latest in the gray resistance area, a new sell-off can be planned at any time. A drop below this zone increases the probability of a retest of the zone between 935 USD and 882 USD noticeably.
If the buy side manages to lift the Ether price above the first relevant resist level at USD 1,267 in the coming days, Ethereum should quickly rise towards USD 1,359. This would also allow Ethereum to recapture the EMA200 on the weekly chart, an important indication of price stabilization.
Send bulk SMS with Bitcoin. We allways test the link in the message with each sending and if your link is broken or reported, the campaigns are automatically paused, and you must to manually resume the campaign after you fix the link.