- Analyst tweets about the key support and resistance levels determining ETH’s short-term future.
- ETH is currently bullish on the 24-hour chart and showing more signs of bullishness.
- The bulls are struggling to surpass the $1225 resistance level while the bears have started biting on the 4-hour chat.
Crypto analyst Michael van de Poppe tweetd about the crucial resistance and support levels that might determine ETH downtrend or upswing. He foresees if ETH fails to hold on to the $1090 support level, it might sharply fall.
The past 24 hours have seen a gain in ETH by 0.30%, according to CoinMarketCap. As a result, the price of ETH clocked at $1,21.20, at the time of writing.
Another indicator that showed a bullish signal over the past 24 hours is the 24-hour trading volume for ETH, which now stands at $5,518,305,452 after an increase of 49.59%.
The daily chart of the price of Ethereum shows that ETH has retraced above the significant $1,200 support level and is currently trading at near the $1219 area. A chance for investors to profit from the current market may have arisen due to the recent fall in Ethereum’s price, representing a new yearly low for ETH.
The price of ETH has tested the resistance level at $1225 multiple times, but it has yet to be broken. The altcoin’s price might surge if it makes another effort to break through this barrier.
The daily 9 EMA line has recently surpassed the daily 20 EMA line, and the price has also repeatedly tested the resistance level at $1,225. Additionally, the daily RSI line slopes upward above the daily RSI SMA line. These technical signals are bullish flags that indicate the price of ETH is poised to soar.
On the 4-hour chart, the RSI is approaching overbought territory at 54.54, indicating intense sell pressure. ETH seems hostile in the foreseeable future. Red candlesticks show a price fall in the most recent hours to stop the positive momentum.
Significantly, ETH has support at $1217, which will prevent further declines. Therefore, a slight price retracement cn be expected for ETH. If buying pressure resumes, the retracement level at $1225 may rapidly hit.
Notably, it will take time to forecast the future price of Ethereum while the bulls and bears fight price changes. Although the technical indications currently favor the bulls, traders should be mindful that the opposite is also possible.
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