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  • Ethereum price flexes bullish muscles with recovery from $220 support but upside capped under $228.
  • ETH/USD still lags possible falling wedge pattern breakout.

Ethereum bulls seem to be waking up following a recovery from $220. The price is exchanging hands at $227 following a 1.54% upward advancement on the day. Volatility levels are high, however, selling pressure has not completely been ousted.

The 4-hour ETH/USD chart shows the price dancing below the moving averages. In this case, the 50 SMA is hindering growth marginally above the market value while the 100 SMA is positioned at $247.40.

Various applied indicators clearly show Ethereum is in the hands of the buyers. From the RSI upward motion above 50 (the average) to the MACD’s recovery from -10.68 to -0.5425. A bullish divergence observed with the MACD and a possible return into the positive region is likely to encourage the bulls to increase their buying entries. The bullish action is also supported by the momentum indicator’s movement above the mean line (0.00).

A falling wedge pattern discussed on Tuesday is still in place. A breakout above the pattern resistance could place ETH/USD in a trajectory to clear the resistance at $240 and $260, respectively.

ETH/USD 4-hour chart

ETH/USD price chart

Ethereum price confluence support and resistance

Support one: $225 (Bollinger Band 1-hour middle curve, SMA 100 15-minutes, and the Fibo 23.6% one-week).

Support two: $221 (The previous low one-day, Bollinger Band one-hour lower and the Fibo 61.8% one-month).

Support three: $214 (The pivot point one-day support two and SMA 50 one-day).

Resistance one: $228 (SMA ten 15-mins and previous high 15-mins).

Resistance two: $230 (BB 15-minutes upper curve and previous high 4-hour).

Resistance three: $237 (SMA ten one-day and Fibonacci 38.2% one-week).