Ethereum Price Key Highlights
- Ethereum price completed its correction as predicted in the previous article, bouncing off the 0.00260 area and heading back to its recent highs near 0.00290.
- A few technical indicators are suggesting that the climb could continue so the Fibonacci extension levels might serve as the next targets.
Ethereum price is currently testing its previous highs but might be in for more gains past the 0.00300 handle if buying pressure is sustained.
More Gains Possible?
RSI is on the move up, which indicates that bulls are charging and might be strong enough to push ethereum price up to the 1.00% extension level around 0.00320 or at least until the 0.00300 major psychological barrier around the 61.8% to 76.4% levels.
The 100 SMA is slightly above the 200 SMA, indicating a shallow uptrend. For now, no signs of a downward crossover are imminent, although this is still a possibility. If that happens, ethereum price could be in for more declines, possibly triggering another test of the area of interest at 0.00260 and forming a double top pattern.
Stochastic is already moving down from the overbought zone, which means that the recent rally might already be exhausted. This could allow the current levels to hold as resistance and push ethereum price lower or put it in consolidation.
For now, the moving averages also appear to be holding as dynamic support levels and might continue to do so. However, a downside break or a long red candle closing below these levels around 0.00270 could be an early sign of a reversal.
Intraday support level – 0.00270
Intraday resistance level – 0.00290
Technical Indicators Settings:
- 100 SMA and 200 SMA
- Stochastic (8, 3, 3)
- RSI (14)
Charts from Kraken, courtesy of TradingView