Ethereum Price Key Highlights
- Ethereum price had been trending steadily lower on long-term and short-term time frames, but an upside break from the descending trend line on the 1-hour chart suggests that a reversal might be in order.
- Price popped above the moving averages to a high of 0.00237BTC and has since retreated for a retest of the broken resistance.
Ethereum price may be on the verge of a reversal from its earlier downtrend, indicated by the trend line breakout on a short-term chart.
Sights Set on Next Resistance
If the uptrend gains traction, ethereum price could head up to the next visible resistance level near 0.00250BTC. However, stochastic and RSI are both on the move down for now, which suggests that buyers are feeling tired.
Once the indicators reach the oversold areas, the correction from the breakout move could be completed and more buyers might hop in to prop up ethereum price in the new uptrend.
For now, the 100 SMA is below the 200 SMA, suggesting that there is still some potential downside. The moving averages appear to be edging closer together, indicating the possibility of an upward crossover, which would be enough confirmation for a reversal.
Intraday support level – 0.00190BTC
Intraday resistance level – 0.00237BTC
Charts from TradingView