Ethereum Price Key Highlights Ethereum price seems to be recovering from its earlier drop, as it is trying to establish a new uptrend visible on its 1-hour time frame. Price is moving slowly inside an ascending channel and is currently testing support. Ethereum price might be able to sustain its short-term climb, with technical indicators and candlestick patterns suggesting a bounce. Bullish Divergence Seen Stochastic has made a shallow bullish divergence, with price forming lower lows and the oscillator drawing higher lows. This indicator is heading higher, which suggests that ethereum price action might follow suit. RSI is exiting the oversold area, also indicating that the recent selloff might soon turn a corner. In addition, the 100 SMA remains above the longer-term 200 SMA, suggesting that the path of least resistance is to the upside. In that case, ethereum price could make its way up to the top of the channel at 0.0030. ethereum price, ethereum trading, ethereum technical analysis The test of the channel support was accompanied by the formation of a long-wicked candle, which suggests that a reversal from yesterday’s price drop is in order. Several take-profit orders may have been located around 0.00240-0.00250, which explains the sudden turnaround in ethereum price action around those levels. However, if buying pressure is unsustained, ethereum price might still make an attempt to break below the channel support at 0.00250 and go for more losses. The next potential floor is located around 0.00220 then at the 0.00200 major psychological barrier. Strong gains, on the other hand, could lead to a move past the channel resistance and onto 0.00320-0.00350. Most of this could hinge on bitcoin price action , though, which has been partly responsible for all the volatility across the cryptocurrency charts in the past few days. Intraday support level […]
