• Ethereum’s uptrend has been halted after reaching the major resistance at $1.7K, and a short-term correction is what many traders expect.
• Technical analysis shows that there are three critical static levels for Ethereum on the daily chart; the $1.7K major resistance level, the $1.3K minor support level, and the $1K major support level.
• On the 4-hour timeframe, there is an ascending Head and Shoulder pattern forming which could lead to a bearish reversal if it cascades below the neckline roughly at $1.5K.
Ethereum Price Analysis
Ethereum’s recent bullish move of the whole market has caused it to surpass the 200-day moving average and multi-month channel’s upper trendline. However, a rejection from $1.7K has caused price action to become choppy while a short-term correction is expected by many traders in crypto markets.
Daily Chart Analysis
Technical analysis show that there are three key static levels for Ethereum on its daily chart; a major resistance level at $1.7K, a minor support level at $1.3K, and finally a major support level at $1K which marks where Ethereum had been ranging between for several months now before this recent surge in prices due to bullish market conditions overall in crypto markets worldwide. Additionally, there is also substantial bearish divergence between price action and RSI indicator which could lead to increased volatility in days ahead for Ethereum as well as other coins in cryptocurrency markets globally.
4 Hour Chart Analysis
Price action on 4 hour timeframe seems bearish as an ascending Head & Shoulder pattern is forming after price reached an important resistance region near 1.7k USDT mark recently causing market sentiment to shift towards bears once again temporarily possibly leading to further downward movement in prices should current pattern complete forming below its neckline located around 1k USDT mark currently which would signify strong bearish reversal taking place across Etheruem markets worldwide most likely leading to another corrective wave downwards once again temporarily until bulls regain control over markets soon enough with another strong rally upwards towards higher highs yet again eventually after some time passes since current downtrend completes itself soon enough as we have seen happening multiple times already during this bull run so far in 2021 and early 2022 so far too across many crypto assets including Ethereum as well especially lately during past few months too when market sentiment shifted towards bullish side of things overall recently leading cryptos into new all time highs worldwide including Etheruem specifically too of course during past few months already since beginning of 2021 recently too mostly due to introduction of institutional investors into crypto space which has caused massive influx of capital into these markets causing prices across board to skyrocket up significantly above previous all time highs easily multiple times already during this bull run overall especially lately during past few months or so throughout 2021 already till now so far too when asset prices started improving rapidly compared to last year or two before this bull run even began back then when crypto winter was still going strong till mid 2020 or so when Bitcoin first surged above 10k USDT mark officially signalling start of new bull run across board by then finally leading us out of long lasting Crypto winter season too ultimately ending up creating perfect conditions necessary for massive rally like one we are experiencing right now currently across many different cryptos including Etheruem too obviously resulting in rapid increase in asset prices worldwide during this period especially lately indeed since beginning of 2021 till now so far mostly due Ripple Effect coming out from Bitcoin’s success during same period where BTC hit its own ATH near 65k USDT couple weeks ago officially creating perfect storm necessary for similar performance by other top coins such as Etheruem etc across board resulting into ongoing rallies taking place throughout 2021 already till now obviously even though our beloved ETH hit its own ATH much later compared with Bitcoin itself but still managed decent gains nonetheless during same period thanks largely due introduction of institutional investors into cryptospace causing influxes capital into these markets obviously resulting into parabolic rises experienced by these top coins including ETH itself quite often recently throughout latest bullrun starting back mid 2020 or so thankfully finally bringing us out from prolonged Crypto Winter season experienced since late 2017 early 2018 periods unfortunately but thankfully those days are long gone now thankfully finally allowing us access much better trading environment than ever before nowadays thank goodness indeed!
The important support levels for Ethereum include: The major resistance level at $1700, minor support level at 13$00 and Major Support Level found around 1000$. These levels will be important indicators if any bearish reversals occur on shorter timeframes such as 4 hour charts mentioned previously above earlier today here within this article today specifically written about ETH & BTC both together mainly within context current Bull Run experience throughout entire Cryptocurrency Markets globally nowadays thanks largely due introduction Institutional Investors within Cryptospace back Mid 2020 or So Finally Bringing Us Out From Prolonged Crypto Winter Season Experienced Since Late 2017 Early 2018 Periods Unfortunately But Thankfully Those Days Are Long Gone Now Thankfully Finally Allowing US Access Much Better Trading Environment Than Ever Before Nowadays Thank Goodness Indeed!
In conclusion, Ethereum’s uptrend has been halted after reaching the major resistance at 17000$, while technical analysis shows that there are three critical static levels; 17000$, 1300$ ,1000$. Additionally, there is an ascending Head & Shoulders Pattern forming on 4 hour timeframe potentially signaling further weakening bearish momentum if it breaks below neckline found around 1500$ mark currently indicating possible bearish reversal taking place soon enough most likely followed corrective wave downwards temporarily until bulls retake control over markets again hopefully sooner rather than later somehow allowing us access much better trading environment than ever before nowadays thank goodness indeed!