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):
- The current bullish price swing is probably a wave 5 (pink).
- Price action is expected to test (green arrow) the top and resistance zone (orange box) soon.
- A mild bearish bounce and bull flag pattern (grey arrows) could indicate a quick uptrend (blue arrow).
- A deeper retracement could test the support zone (green box) before moving higher (yellow arrow).
- 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:
- A break out above the immediate resistance (red line) could indicate an uptrend continuation (blue arrow).
- A break out below the support line (green) indicates a potential retracement (orange arrow).
- A retest of the support zone (green box) is then likely. A bullish bounce should take place at support (green arrow).