Ethereum Price Broke Past $1,800 Despite Higher Demand At Lower Levels
2022年8月13日 - 10:00AM
NEWSBTC
Ethereum price flashed recovery over the last 24 hours after it
witnessed consolidation at the $1,800 price mark. Over the last
week, ETH logged 20% appreciation. It has been a bullish week for
the king altcoin. The last time the altcoin traded around this
price level was almost two months ago. It had failed to topple over
the $1,900 zone and had retraced shortly after that. The robust
support line for Ethereum price was at $1,600. Ethereum price could
possibly witness a sharp change once the Ethereum Merge goes live
next month. The Merge is the transition from proof-of-work to
proof-of-stake has been a highly anticipated event for the Ethereum
community. This shift from proof-of-work shall diminish the
altcoin’s power consumption by almost 99.5%. If the price of
Ethereum manages to stay above the $1,900 mark for a substantial
period of time, the coin will manage to touch the $2,000 mark price
ceiling. Ethereum Price Analysis: Four Hour Chart ETH was trading
at $1,918 at the time of writing. The coin had finally managed to
move past the $1,800 price region. Ethereum price has to maintain
momentum over the $1,900 mark in order to touch the $2,000 price
mark. Overhead resistance for the coin was at $1,970. Local support
level for the coin was at $1,700 and then at $1,600 respectively.
Incase ETH loses vigour and falls to the $1,600 mark, the inability
to sustain at that price level can push the coin to $1,300. The
amount of Ethereum traded in the last session was falling which
meant that selling pressure was declining at the time of writing.
Technical Analysis The altcoin’s technical outlook depicted
bullishness on the four hour chart. Buying strength for Ethereum
also increased as Ethereum price travelled upwards on its chart.
The Relative Strength Index was parked above the 60-mark indicating
that buyers dominated the market at press time. If demand for ETH
continues to rise, the altcoin might be overvalued leading to a
possible price pullback. Ethereum price was above the 20-SMA line,
which meant that buyers were driving the price momentum. The
altcoin was also above the 50-SMA line which points towards the
rising price of the asset. Related Reading: TA – Ethereum Price
Faces Resistance As Merge Date Is Announced ETH’s other important
indicators also depicted positive price action. Moving Average
Convergence Divergence is supposed to display that price momentum
and reversals in the same. MACD witnessed a bullish crossover and
flashed green signal bars above the half-line registering buy
signal for the asset. Directional Movement Index is responsible in
determining the price direction of Ethereum. DMI was positive as
the +DI line was above the -DI line. Average Directional Index
(Red) was bordering the 40-mark which meant that the current price
direction was gaining strength. Related Reading: Ethereum Price
Forecast Remains Bullish As Network Nears Another Milestone
Featured image from UnSplash, chart from TradingView.com
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