- Ethereum price is positioned for another run to the $4,000 level.
- Failure to hold support could trigger a push towards new multi-month lows.
- Bulls and bears battle between $3,100 and $3,300.
Ethereum price action is mixed. The weekly close above $3,300 was necessary to establish support and create a pivot to push higher, but the daily displays weakness as sellers drive Ethereum below the past three days candlestick bodies.
Ethereum price looks for a return to $4,000 but must first stay above $3,000
Ethereum price action has been intense on the selling side during the Monday session. Sellers have pushed Ethereum to last Friday’s lows and don’t appear to be letting up anytime soon. As a result, the daily Tenkan-Sen at $3,170 is likely the target for bears.
The Tenkan-Sen is the final support level for Ethereum price bulls. If that fails, then another drive towards $2,500 is up ahead. However, there remains some significant support between $3,000 and $3,300. The 161.8 Fibonacci expansion, 61.8% Fibonacci retracement, and Tenkan-Sen share that $3,000 - $3,300 value area, so any move through it will likely not be easy.
A big warning sign for Ethereum price bulls on the daily chart is the hidden bearish divergence between the Composite Index and the candlestick chart. Note the lower highs and lower closes on the candlestick chart versus the higher highs in the Composite Index. Hidden bearish divergence is a warning sign that the current uptrend will likely terminate and resume a broader downtrend.
ETH/USD Daily Ichimoku Kinko Hyo Chart
However, weight should be given to the longer time frame. Despite the bearish nature of the current daily candlestick, last week’s weekly candlestick close was very bullish and supportive for Ethereum reversing and continuing its overall bull market uptrend.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.