TA: Will Merge Sentiment Push Ethereum To $2,000?
02 Août 2022 - 4:34PM
NEWSBTC
Ethereum prices surge from the low of $980 to a high of $1,743 with
so much excitement as regards the merge coming up in a few weeks.
With the monthly close, there have been high expectations for the
Ethereum price to reach a region of $2,000 -$2,400. Ethereum Weekly
Chart The Ethereum price surged from the low $1,012 to $1,743 after
several weeks of a downtrend. There was a bit of relief bounce from
Ethereum haven traded below the 50 & 200 Exponential moving
average (EMA). Ethereum, as of writing, is trading at $1,580 after
being rejected at $1,722; Ethereum could not break the weekly
resistance ahead of it and closed below, which suggests bulls need
to push to break this region for Ethereum price to move higher. The
volume on the weekly chart for Ethereum suggests more sales than
buys after showing great signs of bulls pushing the prices ahead of
the merge. The weekly relative strength Index (RSI) has moved from
oversold to 43, indicating decent buying pressure from bulls. The
weekly chart for Ethereum suggests it is still in a range of $1,012
to $1,722; breaking the resistance at $1,722 with good volume could
easily send the Ethereum price to $2,000 ahead of 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 the resistance of $1,722 rejected it despite trying
to break and close above it. Ethereum is trading above the 50
EMA but below the 200 EMA. The 50 EMA acts as a support at $1,400,
but a break and close below that region could easily send Ethereum
price to a region of $1,200 – $1,012. The volume on the daily chart
indicates more selling pressure which is not ideal ahead of the
merge 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 shows more selling activity, just
in a range or channel that needs to be broken to the upside or
downside. The RSI on the daily timeframe is above 50 after seeing a
huge surge to a region of 70. Ethereum Price On The 4H Chart
On the 4H chart, the Ethereum price was able to break above the 50
& 200 EMA after trading below them for weeks. The price has
been rejecting and trading above the 50 EMA but below the 200 EMA
despite showing a strong bullish movement. The 4H chart shows a
bearish divergence indicating there could be a pullback to support
areas. Major resistance – $1,722 Major support – $1,462, $1,358,
$1,250 Technical Indicators 50 & 200 Exponential Moving Average
(EMA) Volume Indicator Relative Strength Index 14 (RSI)
TRON (COIN:TRXUSD)
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