A look at the Weekly logarithmic chart for Ethereum shows that the price is trading below the 50 and 21-period MAs while struggling to break out above the 21-period moving average, which is giving very close resistance to the price.
It is also trading below the negative Ichimoku Cloud. The closest support area is near $85 while the closest resistance area is near $170.
The RSI is at 40, indicating neither overbought nor oversold conditions.
On a more positive note, the MACD has made a bullish cross and is moving upward with strength but is not positive yet.
A look at the 3-day chart shows that the price has been following an ascending support line for the past 83 days.
Furthermore, it is facing very close resistance from the 50-period moving average and the Edge of the Ichimoku cloud.
While initially, it seemed like the 21-period MA is getting ready to make a bullish cross, it reversed and is currently falling.
On a more positive note, the MACD is moving upward but is not positive yet.
A look at the Daily chart shows that the price tried unsuccessfully to break out of the 200-period moving average.
However, it has broken out of the Ichimoku Cloud resistance.
Short-Term Outlook and Price Prediction
A look at the 6-hour chart shows that the price dropped sharply once reaching $167, and since then it has been moving in a horizontal channel between $125 and $145.
This movement has been going on since February 25. The MACD has made a bearish cross and is moving downward, but is not negative yet.
Also, there is a minor support area near $125. There is a minor resistance area near $155.
Price Prediction: I believe that during the next week the price will head for the minor resistance near $155.
- There is resistance near $175.
- There is support near $85.
- The price has been following an ascending support line for 83 days.
- The price has broken out of the Daily Ichimoku Cloud.
Ethereum (ETH) Weekly Logarithmic Chart A look at the Weekly logarithmic chart for Ethereum shows that the price is trading below the 50 and 21-period MAs while […]