Things are looking good for Ethereum. While we’ve seen mostly red candles in recent days, the uptrend we’ve been in since March is still intact. What are we dealing with and where can we expect support again? Read this review!
a quick review
The uptrend that ETH is in can be easily seen from the higher highs and lows (commonly known as the higher highs and lows). To reach the recent high, we needed to break a solid level around $1,840. After the break, two daily candles closed in green, which is a very positive sign.
What are we toasting to now?
With ETH falling for most of the past two days, it’s interesting to see where the price has gone. For that we have to go back to a level that dates back to August. After showing a massive rally last summer, ETH held back the coin from rising around $2,000. The image below shows that we visited the same area again and this time the price was rejected at $1,940.
Where can we expect support?
Before we possibly make another high, it is wise to first investigate where a possible new low could be. At the time of writing, ETH is holding the just mentioned price of $1,840.
However, it would certainly not be surprising if we were to drop a little lower. If we profile the volume for the past month, we see that the highest trading volume is around $1,800 (red line). So this is a good area for a possible new low. However, you should not go much lower as the trend can turn from an uptrend to a downtrend.
ETH x BTC
ETH is also showing some strength against Bitcoin. Where we saw the price drop of the compression model in March, it now seems to be picking up again. The image below shows that an important level has been recaptured.
University degree
It would of course be nice if we could continue the current upward trend, but for that we need a new level of support. It could be around $1,840 or $1,800. If we keep it up here, we’ll probably finally see a price above $2,000 again.
Source: Btc Direct
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
