Ethereum / USD Technical Analysis: Powering Up
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- Ethereum is bullish in the short-term, with the ETH / USD pair trading above its 200-period moving average on the four-hour time frame
- The four-hour time frame also shows price trading within an ascending price channel on the four-hour time frame
- Ethereum has a neutral trading bias over the medium-term, with price edging closer to major trendline resistance on the daily time frame
Ethereum / USD Short-term price analysis
Ethereum has a bullish short-term trading bias, with the cryptocurrency trading above its 200-period moving average on the four-hour time frame; the ETH / USD pair has also been fairly well supported by dip-buying towards major support.
An ascending price channel is visible on the four-hour time frame, with lower trendline support found around the $120.00 level, while upper trendline resistance is found close to the $190.00 level.
Near-term technical support for the ETH / USD pair is currently found at the $131.00 and $126.00 level, while key near-term resistance is located at the $155.00 and $170.00 levels.
ETH / USD H4 Chart (Source: TradingView)
Pattern Watch
The four-hour time frame shows that a potential bullish inverted head and shoulders pattern may be forming, with an upside projection of over $60.00.
MACD Indicator
The MACD indicator on the four-hour time frame has turned slightly bearish and is currently generating a sell signal.
Relative Strength Indicator
The RSI indicator on the four-hour time frame is also bearish and is highlighting that downside pressure is growing in the short-term.
Ethereum / USD Medium-term price analysis
Ethereum has a neutral medium-term trading bias, with the ETH / USD pair edging closer to major trendline resistance on the daily time frame.
A symmetrical triangle pattern is seen on the daily time frame, with key resistance located at the $150.00 level, while the ETH / USD pair’s 200-day moving average is located just above, at the $162.00 level.
The daily time frame also shows that the $126.00 level is the strongest form of technical support, with the lower trendline offering critical support at the $118.00 level.
ETH / USD Daily Chart (Source: TradingView)
Pattern Watch
Traders should note that the current upside projection of the symmetrical triangle pattern is around $70.00.
MACD Indicator
The MACD indicator on the daily time frame is neutral, with the indicator showing slight bullish pressure.
Relative Strength Indicator
The RSI Indicator on the time frame is bullish, although the indicator is turning lower.
Conclusion
Ethereum is showing an improved picture across the short-term and medium-term, with the ETH / USD pair edging closer to major technical resistance on the daily time frame.
A bullish breakout above the triangle pattern on the daily time frame could support gains towards the $190.00 level, with the potential for an even stronger move above the $200.00 level.
Failure to break major resistance will likely prompt short-term sellers to move price back towards critical support.
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