• Ethereum recently gained support from its 100-day moving average of $1791 and experienced a spike in its price.
• It has now encountered a crucial resistance level, and surpassing it would likely trigger another surge.
• Currently, the price is confined within a narrow range between $1791 and the static resistance zone of $2K.
Ethereum Price Analysis
Ethereum recently gained support from its 100-day moving average of $1791 and experienced a spike in its price. It has now encountered a crucial resistance level, and surpassing it would likely trigger another surge.
Daily Chart Technical Analysis
The daily chart shows that Ethereum had a period of steady price action around the 100-day moving average before finding support and proceeding upward. During the recent correction phase since mid-April, the price formed a descending wedge pattern (marked by yellow). Presently, the price has reached the upper boundary of the wedge at $1.9K due to its recent surge and is on the verge of surpassing this critical level.
4-Hour Chart Technical Analysis
Zooming in on the 4-hour chart reveals three crucial price regions: static resistance at $2K, dynamic resistance of ascending channel’s trendline midpoint, and static support at $1710. Based on current price action, Ethereum seems more likely to continue its upwards trend towards $2K resistance to attempt breaking out.
Resistance Levels
Currently, Ethereum’s price is confined within a narrow range between approximately $1,791 and the static resistance zone of $2K. A breakout from this wedge is likely to trigger another rally towards this key resistance zone.
Conclusion
Considering current market conditions and prevailing uncertainty in crypto markets, it remains unclear whether or not Ethereum will break out above these key levels anytime soon.