Ethereum In Green, Can Price Go Higher?
June 20 2022 - 11:00PM
NEWSBTC
Ethereum went through weeks of bearishness after which the king of
altcoins pushed above the $1000 mark. Over the last 24 hours, it
soared close to 9% but in the past week, the coin registered a
double-digit loss of 22%. The coin even moved below the $900 mark
but as buying strength slowly recovered, ETH moved upwards on the
chart. It cannot be said for certain if Ethereum will continue to
move northwards because technical outlook still remains quite
dicey. Bears are still in control of the market and if the coin
fall from the $100 mark, the next trading zone lies between
$700-$900. Buyers could then enter the market again and reclaim the
price of the asset. Buyers can again enter the market if ETH
plunges to the aforementioned trading zone. ETH has been completely
bearish for over ten weeks now. Ethereum Price Analysis: Four Hour
Chart ETH rose on its chart after touching the lows of $900 at the
time of writing. The asset was priced at $1090 on the four hour
chart. Overhead resistance for the coin stood at $1200. Another
blow from the sellers will cause the price to fall close to the
$800-$900 mark. On the four-hour chart, Ethereum again dipped
slightly suggesting bearish influence in the market. Volume of the
asset had fallen which meant that less of buying. The red volume
bar again pointed towards bearish price action. Technical Analysis
With ETH spiking on the chart, the buying strength also increased
in the market. On the four-hour chart, the coin displayed a
downtick in buying strength noting that further fall in price could
occur. The Relative Strength Index was near the 50-mark, after
noting a downtick. RSI was still positive which meant buying
strength overthrew selling strength. As buying strength showed up,
corresponding to the same, ETH’s price climbed above the 20-SMA
line. Price above 20-SMA meant that buyers were in charge of
driving the price momentum. Related Reading | TA: Ethereum Recovery
Could Gain Pace If It Clears This Resistance A brief relief rally
caused buyers to start coming back into the market. The Moving
Average Convergence Divergence which depicts the price direction
and change in the same painted signs of bullishness. MACD
experienced a bullish crossover and flashed green signal bars which
are construed as buy signal for the coin. If buyers continue to
dominate ETH could soon target its immediate price resistance mark.
Chaikin Money Flow also depicted recovery on the chart. The
indicator portrays the status of capital outflows and inflows. At
press time, CMF was parked on the half-line representing equal
amount of capital inflows and outflows for ETH. Related Reading |
Ether Drops Below $1K, Dragged Down By BTC Slide – What’s The Next
ETH Support?
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