![]() ![]() ![]() Such a move could trigger Ethereum price to retrace lower and tag the $1,377 support level.Īlso read: Why Ethereum will emerge victorious in the ongoing bull rally as Tether mints $2 billion USDT If the selling pressure continues to build, leading to a flip of the $1,422 level into a resistance level, it would invalidate the bullish thesis for ETH. While the optimistic outlook for Ethereum price makes sense, a breakdown of the $1,600 level would be the first sign to be cautious. This move would constitute a 20% ascent for ETH. If Bitcoin price keeps up its bullish outlook, this retracement will allow buyers to recuperate and extend the rally to $2,022. While this 10% downswing is a good move for short-term traders, investors should note that this move could be a potential buy signal for long-term holders. Therefore, Ethereum price could shed 10% and tag the $1,600 psychological level or the monthly level at $1,677. This non-conformity is termed as divergence and the declining momentum often leads to a reversal in price. ![]() Market participants can see that the Ethereum price produced higher highs since March 14, but the Relative Strength Index (RSI) and Awesome Oscillator produced lower highs. The equal highs at $1,841 and the bearish divergence seen on the momentum indicators are two reasons why investors that got in on the rally late will get punished soon. Read More: Assessing chances of Ethereum price rally to $2,400 Ethereum price sets the stage for long-term bullsĮthereum price has rallied 34% in the last ten days and has set up a perfect place to trap late bulls. This development could result in a quick drop, but from a long-term perspective, it would be an opportunity to accumulate. Invalidation of the bullish thesis for ETH will occur below $1,422.Įthereum (ETH) price shows an exhaustion of bullish momentum after producing a clear sell signal on the four-hour timeframe.A 10% retracement will provide long-term holders an opportunity to accumulate before triggering a 20% upswing to $2,022.Ethereum price is currently displaying a triple bearish divergence on the four-hour timeframe. ![]()
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