On Tuesday, Ethereum’s price attained a day high after hitting the $712 mark, before the downward price correction attempt was evident pulling its price down to a low of $596 the following day. The crypto giant failed to break the resistance at $713.24, which directly relates to the 61.8% retracement. The upward trend which has been seen since 7, April, kicked off this crucial resistance level.
Based on the 4-hour ETHUSD Bitfinex Chart, we were able to deduce that:
– Ethereum’s price rose steadily to a high of $712. The amount of ether got to nearly a dollar short of reaching the $713.24 mark, the 61.8% retracement. It is paramount to indicate that six consecutive bullish candlesticks were formed before the upward trend was reversed. Hence, despite the fact that the bullish momentum was healthy, it failed to reach the resistance level mentioned above.
– Ethereum’s price is above the 100 periods SMA mark, as well as the 200 periods SMA. The 200 period SMA is acting as support thus preventing any further price drop. Meaning, the price of ether is probably going to start rising again. However, you have to have to observe the 100 period SMA cross beyond the 200 period SMA, for an intense bullish wave to be evident still.
According to the 1-hour ETHUSD Bitfinex chart Ethereum’s:
– Ethereum’s price has dropped less than the Base Line of Ichimoku’s Cloud, although the cloud is still bullish. Most likely, the candlesticks will rise again beyond the Base Line in 48 hours or less as this bullish momentum grows.
– After failing to overtake the resistance of the 61.8% retracement ($713.24), Ether’s price of dropped below the 50 period SMA, although the 100 period SMA remains a strong support level regarding preventing a further dip in price.
Ethereum’s price is expected to start rising towards the $713.24 in the next 24 to 48 hours.