Home News ETH Breaks Past $1.6K But is a Short-Term Correction Imminent? (Ethereum Price...

ETH Breaks Past $1.6K But is a Short-Term Correction Imminent? (Ethereum Price Analysis)


Ethereum’s price has been on the rise for quite a while now after breaking above the $1300 resistance level. While the positive trend remains on higher timeframes, some signs are suggesting that at least a short-term correction is quite probable.

Technical Analysis

By: Edris

The Daily Chart

On the daily timeframe, the price is constantly climbing higher and could reach the $1800 level soon. However, a short-term pullback seems imminent as the RSI indicator has been in overbought conditions over the past few days.

In case of a correction, the 200-day moving average located around the $1400 mark could be the first turning point, with the 50-day moving average located around the $1300 support zone being the second major support. Still, the price could first test the $1800 level before a pullback or reversal.

In the less probable event of a bullish breakout from the $1800 resistance level on the first try, ETH could rally towards the significant $2000 level aggressively.

Overall, this scenario seems unlikely in the short term, as a pullback seems a lot more possible.

Source: TradingView

The 4-Hour Chart

Looking at the 4-hour timeframe, the price has reached the $1650 resistance area but is struggling to break higher at the…

Read more…

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