ETHUSD Dominant Trend: Bullish
Resistance Level: $290, $310, $330
Support Level: $200, $180, $160
Ethereum Price Analysis
Currently looking at the 4-hour chart, the Ethereum price is trading at $245. The price of the cryptocurrency is trading above the exponential moving average with a period of 21. This indicates an uptrend in Ethereum since the Relative Strength Index is well above level 50. At the moment, the cryptocurrency movement quotes on the central edge of the Bollinger banding indicator. As part of the Ethereum course forecast, a demand level test of $200 is planned. This is where one can expect an attempt to continue the growth of the Ethereum price and the development of the uptrend. The purpose of this movement is when the market price continues to rise close to the $290 supply level. As a result, the cautious buying zone for Ethereum is near the lower limit of the Bollinger Band indicator band at a demand level of $160.
In addition, stopping Ethereum’s growth rate will result in the decomposition of the lower limit of the Bollinger Bands indicator, as well as an exponential moving average with a period of 21 and the closing of the price under the Bollinger Band and below the demand level of $160. This will indicate a change in the current trend towards a decrease in Ethereum price. In the case of a break in the lower edge of the indicator bars of the Bollinger Bands, an acceleration of the drop of the cryptocurrency is expected, which implies proof of the level of demand of $200. In addition, if the buyers still control the market, the price should rise above the level of supply of $290, $310 and $330, respectively. The best place to buy Ethereum is at a level of demand of $180. If buyers do not grow and demand reaches a level of $160, we expect further falls in the market price to be favorable for sellers.