After rising to a week high of $838 on Sunday, a downwards price correction attempt began pulling ethereum price downwards to a day low of $685 on Monday. Even though the price of ether dipped below the support level around $713.24, it rose within less than 8 hours above this significant support level which corresponds to the 61.8% Fibonacci retracement. The market’s bulls took the upper hand again after this temporary overshoot below this seemingly strong support level. Right now, ethereum price is below the upwards trend line which has been marking the market’s movement since April 7th.
Will the price of ether rise again towards the resistance around $849.08?
We will examine the 4 hour ETHUSD chart from Bitfinex, while plotting the 50 period, 100 period, and 200 period SMAs, as shown on the below chart. We will retain the Fibonacci retracements we plotted during an earlier analysis
, which extend between the low recorded on October 23rd, 2017 ($273.50), and the high recorded on January 13th, 2018 ($1,424.06). We can observe the following:
Now, let’s examine the 1 day ETHUSD chart from Bitfinex, while plotting the Bollinger Bands indicator, the RSI, and the Ichimoku Cloud as shown on the below chart. We will also keep our Fibonacci retracements. We can note the following:
Ethereum price witnessed a downwards price correction attempt that started to overrule the market after a week high of $838 was recorded on Sunday. Price correction took price downwards to a low of $685.18, before the market’s bulls manage to take the upper hand again. We can expect ethereum price to start rising again after successfully consolidating above the support level around $713.24.
Charts from Bitfinex, hosted on Tradingview.com
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