Ethereum Price Key Highlights
- Ethereum price seems to be on the verge of a reversal after breaking above a short-term descending trend line last week.
- A complex inverse head and shoulders pattern has formed on the 1-hour time frame, indicating that an uptrend is in the cards.
Ethereum price appears to have broken above the neckline of the inverse head and shoulders formation, confirming that more gains are likely.
Upward moving averages crossover
Price moved past the 0.00220BTC level and has since pulled back to the broken neckline, which might now hold as support. The moving averages just made an upward crossover, another signal that an uptrend might take place.
Stochastic is already in the oversold area, suggesting that bullish momentum could pick up soon, and put ethereum price back on its climb. However, RSI is on the move down, which means that there may still be a bit of selling pressure left.
In that case, price could still retreat to the dynamic support around the moving averages and 0.00200BTC level before heading further north. At the moment, ethereum price is stalling at a near-term support around 0.00215BTC.
Intraday support level – 0.00200BTC
Intraday resistance level – 0.00240BTC
Charts from TradingView