- Ethereum has lost 2.23 of its market price at press time.
- The daily chart shows that the crypto has bounced off of an ascending channel and it is bullish.
- Traders should look for long opportunities that are expected to rise to 392.2 resistance level on daily charts.
- Intraday traders should look for long opportunities expected to hit the $371.3 monthly pivotal support level.
- Ethereum is long for both short term and long term traders.
Ethereum has lost 2.23 percent of its value in toda’s trading session, having opened at $362.9, reaching highs of $364.0 and lows of 530.2. At press time, the crypto was trading at $354.7. Today’s drop in the market prices is a reversal of the last three days, where the market experienced a 14 percent rise in the market prices.
Ethereum daily price analysis
The prices have bounced off of an ascending triangle in the last one week, which was also a support level at $323.3. The price action analysis indicates that the prices are on an upward trend on the daily charts, with today’s candle bar being the only one that is bearish biased.
The Bollinger Bands confirms the bullish move on the daily chart, with prices bouncing off the lower Bollinger Band. The MACD oscillator also shows that the reading is showing an upward divergence indicating that prices are more likely to continue with their upward move.
The prices, having just recently bounced off the support level at $323.3 are expected to continue with their bullish move, hitting the $392.2 resistance levels. The level will determine whether the crypto will continue its upward move, by breaking out the support and resistance structure or continue trading within the structure, which will mean that the crypto will restest at the $323.3 support level, an Idea that has persisted in our analysis.
Ethereum intraday trading opportunities
Price action analysis of Ethereum on the 1-hour chart shows that the crypto is on a strong bullish move that started after the prices hit a monthly pivotal support level of $310.3. at press time, the prices were in a pullback, with an expected bullish comeback of the crypto.
With the crypto trading sideways in the past few hours, intraday traders should look for opportunities on the cryptocurrency on an upward move. This is because, price analysis shows that the prices are in an upward trend, with only a short-term price pullback, as the market corrects for the bullish move. Therefore, traders should anticipate the prices to resume moving upwards.
Intraday traders should observe two resistance levels after getting on a long position, the $371.3 monthly pivotal support level and the $392.2 resistance levels. The prices are expected to hit the first resistance level of $371.3 in the next few hours after the market has fully corrected.
In this region, traders should then observe how crypto prices behave. Any breakout at this point will mean that short term traders can enter again for another intraday trade, with the next stop of the prices being at the $392.2 resistance level. However, prices may still reverse downwards for intraday traders after hitting the $371.3 level.