Ethereum prices surge from the low of $980 to a high of $1,743 with so much excitement as regards the merge coming up in a few weeks. With the monthly close, there have been high expectations for the Ethereum price to reach a region of $2,000 -$2,400.
Ethereum Weekly Chart
The Ethereum price surged from the low $1,012 to $1,743 after several weeks of a downtrend.
There was a bit of relief bounce from Ethereum haven traded below the 50 & 200 Exponential moving average (EMA).
Ethereum, as of writing, is trading at $1,580 after being rejected at $1,722; Ethereum could not break the weekly resistance ahead of it and closed below, which suggests bulls need to push to break this region for Ethereum price to move higher.
The volume on the weekly chart for Ethereum suggests more sales than buys after showing great signs of bulls pushing the prices ahead of the merge.
The weekly relative strength Index (RSI) has moved from oversold to 43, indicating decent buying pressure from bulls.
The weekly chart for Ethereum suggests it is still in a range of $1,012 to $1,722; breaking the resistance at $1,722 with good volume could easily send the Ethereum price to $2,000 ahead of the merge.
Major Weekly resistance – $1,722.
Major Weekly support – $1,012
Ethereum Price Analysis On The Daily Chart
The daily chart for Ethereum price suggests the resistance of $1,722 rejected it despite trying to break and close above it.
Ethereum is trading above the 50 EMA but below the 200 EMA. The 50 EMA acts as a support at $1,400, but a break and close below that region could easily send Ethereum price to a region of $1,200 – $1,012.
The volume on the daily chart indicates more selling pressure which is not ideal ahead of the merge sentiment.
Major support level on the daily chart (1D) – $1,400, $1,012.
Major resistance on the daily chart (1D) – $1,722
Ethereum price on the daily chart shows more selling activity, just in a range or channel that needs to be broken to the upside or downside. The RSI on the daily timeframe is above 50 after seeing a huge surge to a region of 70.
Ethereum Price On The 4H Chart
On the 4H chart, the Ethereum price was able to break above the 50 & 200 EMA after trading below them for weeks. The price has been rejecting and trading above the 50 EMA but below the 200 EMA despite showing a strong bullish movement.
The 4H chart shows a bearish divergence indicating there could be a pullback to support areas.
Major resistance – $1,722
Major support – $1,462, $1,358, $1,250
50 & 200 Exponential Moving Average (EMA)
Relative Strength Index 14 (RSI)