ETH Price Analysis: ETH Revives 40% Off Low Of $1700, Can Ethereum Bulls Break 45 Day Channel?

ETH price revives 40% off low of $1700
Bulls attempt to break 45 day channel
6 month trend is the most important mark for price to regain

ETH price has been following the path of BTC the last month as the market has stayed within a small range awaiting a breakout. Anticipation of Ethereum’s EIP 1559 update this month has investors taking a bullish stance that ETH will review back above important resistance of $2500. At the time of writing, ETH price is attempting a breakout above its channel resistance that has failed near 4 times the last month.

The price of ETH has been consolidating for nearly 45 days within a descending channel formation, which is shown in green. In the last 45 days, each time price has attempted a bullish breakout of this channel the , it has failed with bears taking control. At the time of writing, ETH is currently trading out of its channel. If the 1 day candle can close above this mark, it is very likely for price to test its 6 month trend line which is shown in black. Regaining this trend will likely set a trend shift for ETH to begin revival to high $2000s.

ETH Price Analysis: ETH/USDT 1 Day Chart

The 40 day MA has been a barrier for the price of ETH price since May 19th. This MA currently sits within a major resistance zone of $2300- $2438. Throughout this range lies three very important price barriers for ETH. In simple terms, price must break this area to continue a strong revival and confirm a trend shift after 2 months of downtrending. If this breakout fails again, ETH will find support at $2100, $1944 & $1817.

While looking at the RSI, we can see strength has recently broke out of a 46 day trend line. Since the breakout, ETH has been rising significantly off its lows. As long as strength stays above the 50 value, ETH will see prices higher than $2500 very soon. The MACD has formed a double bottom the last month which is a great sign that a bullish trend may be starting. After the bullish cross on the MA’s the last week, they have headed straight towards bullish territory above the 0 value.

ETH price intraday levels

Spot rate: $2363
Trend: Bullish
Volatility: Medium
Support: $2300
Resistance: $2440

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.