While there are several cryptocurrencies with a lot of volatility, Ethereum breaks through all weaknesses with its strong upward movement. ETH price is currently trading above a very important support level of $ 2170, which was previously broken on June 21, 2021 to hit a new low of $ 1700 on the daily charts.
After a buying session at a lower level, all fundamentally stronger cryptocurrencies like Ethereum hit new highs to recapture their glorious ratings. The Ethereum rally is supported by two supports, one at the low $ 1700 level while another is active at the immediate $ 2150-2200 level.
Another news fueling higher ratings is the increasing momentum for new buyers. In just two weeks, Ethereum is up 38% and is still showing signs of slowing. Aside from good buys, ETH is also aided by falling BTC volumes, which has become a path to new heights of success.
Technical analysis of Ethereum
100 day moving average $ 2554
200 day moving average $ 1978
Immediate Resistance Level $ 2580
Strong resistance level $ 2895
Immediate support level $ 2185
Strong support level $ 1717
There is quite a strong support on the current charts, developing around the $ 2200 mark. If this support is backed by buying frenzy, the resistance at $ 2600 could be close. The drying up of traded volumes and the continuation of the bull run are leading to big changes in its valuations, according to the MACD. If things continue like this, ETH could soon break resistance at the $ 2900 level.
With the support of the rising 200 day moving average, there is no doubt about the strength of this crypto script, but the falling 100 DMA sets the stage for another trading range. Once Ethereum starts trading above the 100-day moving average, we can expect it to enter a new bull swing.
Heikin Ashi charts at the current levels indicate a sign of confusion as the price goes up and triggers a profit booking. The uncertainty in the market makes a scenario of lingering for a while possible. According to our ETH forecastonce it begins to form clear green candles on Heikin Ashi, the price action would mark the rise of a new positive swing.
On the hourly charts, Heikin Ashi suggests some kind of pressure to sell or profit posting around the $ 2350 mark. This selling pressure pushes ETH down every time it tries to move higher towards USD 2400. A dip of $ 2200 makes it a good buy level with profit bookings in a momentum of $ 100.
RSI also supports this theory with its falling value every time it goes above $ 2350. It seems like people are selling at this level as the price quickly drops towards $ 2300. Currently, an RSI of 51 suggests a neutral assumption at the current level. The increase in profit booking volumes, on the other hand, is a cause for concern and demands caution from intraday and short-term traders.