Ethereum prices soar from the low of $980 to the high of $1,743 with so much excitement about the merger coming in a few weeks. With the monthly close, the Ethereum price was expected to reach a region of $2,000 to $2,400.
Ethereum Weekly Chart
Ethereum price moved from $1,012 to $1,743 after several weeks of downtrend.
There was a bit of a relief bounce from Ethereum heaven trading below the 50 and 200 exponential moving average (EMA).
Ethereum, at the time of writing, is trading at $1,580 after being rejected at $1,722; Ethereum was unable to break the weekly resistance ahead of it and closed below it, suggesting the bulls need to push to break this region for Ethereum’s price to rise.
The volume on Ethereum’s weekly chart suggests more selling than buying after showing big signs of bulls pushing prices ahead of the merger.
The weekly Relative Strength Index (RSI) moved from oversold to 43, indicating decent buying pressure from the bulls.
Ethereum’s weekly chart suggests that it is still in the $1,012-$1,722 range; breaking the resistance at $1,722 with good volume could easily send Ethereum price to $2,000 before the merge.
Major weekly resistance – $1,722.
Major weekly support – $1,012
Ethereum price analysis on the daily chart
The daily chart for Ethereum price suggests that resistance at $1,722 rejected it despite attempts to break and close above it.
Ethereum is trading above the 50 EMA but below the 200 EMA. The 50 EMA acts as support at $1,400, but a breakout and close below this region could easily send Ethereum price into the $1,200-$1,012 region.
Volume on the daily chart indicates more selling pressure, which is less than ideal ahead of meltdown sentiment.
Major support level on the daily chart (1D) – $1,400, $1,012.
Major resistance on the daily chart (1D) – $1,722
Ethereum price on the daily chart is showing more selling activity, just within a range or channel that needs to be broken up or down. The RSI on the daily time frame is above 50 after seeing a huge increase in a region of 70.
Ethereum price on the 4H chart
On the 4H chart, Ethereum price was able to break above the 50 and 200 EMA after trading below for weeks. The price has rejected and is trading above the 50 EMA but below the 200 EMA despite a strong bullish move.
The 4H chart shows a bearish divergence indicating that there could be a pullback towards the support areas.
Major Resistance – $1,722
Major Support – $1,462, $1,358, $1,250
Technical indicators
50 and 200 Exponential Moving Average (EMA)
Volume indicator
Relative Strength Index 14 (RSI)