ETH/USD Bulls Prepare to Challenge All-Time High

September 6, 2021
Chris Svorcik
ETH/USD Bulls Prepare to Challenge All-Time High

Ethereum (ETH/USD) Technical Analysis

  • ETH/USD made a deep bearish correction at first.
  • But ETH/USD bullish momentum is now strong and showing steep price action.
  • ETH/USD is close to approaching the previous top and all-time high (ATH).
  • The resistance zone will be a key decision area.

Daily Chart ETH/USD

The strong bullish up earlier in the year 2021 is expected to be a wave 3 (pink):

  1. The current bullish price swing is probably a wave 5 (pink).
  2. Price action is expected to test (green arrow) the top and resistance zone (orange box) soon.
  3. A mild bearish bounce and bull flag pattern (grey arrows) could indicate a quick uptrend (blue arrow).
  4. A deeper retracement could test the support zone (green box) before moving higher (yellow arrow).
  5. A break below the support (green box) could indicate a deeper wave 4′ (pink).

1 Hour Chart ETH/USD

The ETH/USD 1 hour chart is showing a very steep bullish channel:

  1. A break out above the immediate resistance (red line) could indicate an uptrend continuation (blue arrow).
  2. A break out below the support line (green) indicates a potential retracement (orange arrow).
  3. A retest of the support zone (green box) is then likely. A bullish bounce should take place at support (green arrow).