Ethereum price is showing a very bullish sign right now, with a couple of key resistance levels being broken to the upside. If the breakout is valid, things could look much better for the crypto market in the coming months.
Technical analysis
By: Edris
The daily chart:
On the daily chart, the price has rallied from a strong rally from the 200-day moving average around the $1400 mark. It has risen above the 50-day moving average located around the $1600 level, before breaking the upper bound of the Large Symmetrical Triangle pattern.
The key $1800 resistance level is currently apparently being tested as well, and the price could soon target values above $2000, especially the $2300 level, in the coming weeks if the current breakout holds.
On the other hand, should a false breakout occur, a pullback towards the 50 or 200-day moving averages or the $1300 support area could be expected.
The 4 hour chart:
Looking at the 4 hour time frame, the recent price rally becomes more clear. The cryptocurrency has been struggling with the upper bound of the symmetrical triangle and the $1800 level for the past few days, with the latter yet to be broken to the upside.
The RSI indicator is also showing bearish divergence between recent price highs, which could point to a possible correction in the near term. The $1,680 and $1,500 levels could be possible turning points for the price should a bearish move materialize.
However, from a price action perspective, ETH is apparently set to continue higher, considering the last two 4-hour candles, which are above the $1800 area.
sentiment analysis
By: Edris
Ethereum Coinbase Premium Gap
With a banking crisis seemingly on the horizon, investors are worried about the possible effects on the crypto market.
Interesting signals have emerged about the recent behavior of US investors. Coinbase’s premium gap chart shows a large spike that occurred recently, demonstrating the gap between Coinbase’s ETH/USD pair and Binance’s ETH/USDT pair. Positive values indicate increased buying pressure in the US, while negative values are associated with selling pressure.
If this behavior continues, the market is likely to continue its bullish trend over the medium term and a new bull market could begin. However, if the value falls in the next few days and falls below zero, investors should be cautious as it could be an early sign of a bearish reversal.
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