Ethereum Price: Will It Break Another Resistance?

Ethereum Price: Will It Break Another Resistance?

Ethereum Price Prediction!!!!!!!! – ETH Ethereum 2021 – ETH Price News – Ethereum Technical Analysis

Contents

Ethereum Price: Will It Break Another Resistance?
CONTENT

  • Ethereum broke through the downward resistance line, but encountered resistance at ₿0.0272.

  • The price is trading within a short-term symmetrical triangle.

  • ETH / USD is trading within the important resistance area of ​​$ 247.

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The Ethereum course is approaching an important area of ​​resistance, the breakdown of which could trigger a rapid rise in the cryptocurrency. Despite the likelihood of a rebound from this level, technical indicators are giving bullish signals in favor of a successful breakout.

Cryptocurrency trader @Cryptowat_ch recently tweeted that in anticipation of the launch of the new staking platform (ETH 2.0), Ethereum is approaching an important resistance level, represented by the downtrend line on the weekly chart. He also wondered where ETH would end up by the end of this year..

Will Ethereum succeed in making a successful bullish break of this mark? If so, how far will the currency go? Let’s try to figure it out.

Long term resistance

Earlier this year, the ETH rate made a bullish breakout of the downtrend resistance line built since January 2019. The price reached a high at ₿0.0272, which is an important resistance level, and then pulled back to support at ₿0.0217.

As a result of this bullish breakout, the weekly RSI topped the 50 mark, which it hasn’t done since June 2018. This is a long term bullish signal suggesting that ETH will continue to rise. A breakdown of the current area of ​​resistance can push the pair up to ₿0.037.

Likely bullish breakout

The daily chart shows that the price is moving along the support line, which is rising at a very steep angle. In addition, the market is approaching insignificant resistance in the area of ​​₿0.0259.

Technical indicators are giving bullish signals. The 50- and 200-day moving averages (MAs) have formed a bullish crossover, with the pair trading above both MAs. This could be a sign that the price has already started a bullish trend..

As long as the upward support line remains unbroken, the ETH rate may strengthen and reach the aforementioned minor resistance area.

Ethereum Price: Will It Break Another Resistance?

On the hourly chart, you can see a symmetrical triangle, which is traditionally considered a neutral pattern. However, it appeared on the chart after the growth phase, and technical indicators are giving bullish signals, so it makes sense to expect a bullish breakout of this pattern..

ETH / USD

The ETH / USD rate is also moving along the upward support line. In addition, the 50- and 200-day moving averages (MAs) have also formed a bullish crossover, and the price is trading above them..

However, ETH is inside the important resistance area of ​​$ 247, the breakout of which the pair already tried to make on June 1, but did not succeed.

In the event of a bullish breakout, we may see an advance towards the next resistance in the $ 277 area. However, if a rebound occurs, then the price could head towards $ 217. This is an area of ​​convergence of several supports, so a rebound is highly likely from here, which will be continued by a new attempt at a bullish break.

Ethereum Price: Will It Break Another Resistance?

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Ethereum Price: Will It Break Another Resistance?

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The Ethereum course is approaching an important area of ​​resistance, the breakdown of which could trigger a rapid rise in the cryptocurrency. Despite the likelihood of a rebound from this level, technical indicators are giving bullish signals in favor of a successful breakout.

Cryptocurrency trader @Cryptowat_ch recently tweeted that in anticipation of the launch of the new staking platform (ETH 2.0), the Ethereum rate is approaching an important resistance level represented by the downtrend line on the weekly chart. He also wondered where ETH would end up by the end of this year..

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