HomeContributorsTechnical AnalysisEthereum Rally Pauses But Isn't Over: What's Next for ETH?

Ethereum Rally Pauses But Isn’t Over: What’s Next for ETH?

Key Highlights

  • Ethereum started a fresh rally toward the $4,000 zone after ETH ETFs were approved by the SEC.
  • ETH price is facing resistance near $3,950 on the 4-hour chart.
  • Bitcoin price corrected gains from the $72,000 resistance.
  • Oil prices recovered and climbed above the $79.20 resistance.

Ethereum Technical Analysis

Ethereum started a fresh surge after the SEC approved ETH ETFs. ETH price outperformed Bitcoin and climbed above the $3,650 resistance zone.

Looking at the 4-hour chart, the price even settled above the $3,700 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). However, it is facing resistance near the $3,950 level.

The next major resistance is near the $4,000 level. A daily close above the $4,000 resistance zone could start another steady increase. In the stated case, the price may perhaps rise toward the $4,200 level. The next stop for the bulls may perhaps be near the $4,500 level.

If not, the price might start a downside correction and test the $3,720 support level. The next major support is near $3,650, below which the price could slide toward $3,520. Any more losses might call for a move toward the $3,240 level and the 200 simple moving average (green, 4-hour).

Looking at Bitcoin, the bears seem to be active above the $70,000 level and they are aiming for a fresh drop toward the $65,500 level.

Economic Releases

  • Fed’s Williams speech.
  • Fed’s Beige Book.
Titan FX
Titan FXhttp://titanfx.com
Titan FX is a technology driven online ECN forex and commodities broker that provides traders with next generation trading conditions, institutional grade spreads, fast trade execution, deep top tier liquidity and the security of financial registration and oversight.

Featured Analysis

Learn Forex Trading