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The second-biggest cryptocurrency by market cap, Ethereum (ETH), registered a relatively decent gain in the last 24 hours according to CoinMarketCap.
At the time of writing, the price of ETH is around $1,123.82 – a 6.63% gain over the last 24 hours. However, the price of ETH is still down over the last 7 days. This leaves its market cap at around $135.83 billion, ranking it beneath Bitcoin (BTC) with its market cap of $391.16 billion and above Tether (USDT) with its market cap of $67.85 billion.
The 4-hour chart for ETH/USDT shows how the price of ETH climbed from the chart low of just under $920 to $1,160 before declining below the 0.786 level of the Fib Retracement drawn from the $1,157 level. This is also a key level on the 4-hour chart.
The current 4-hour candle had dropped below the 0.618 level and into the 0.5 level of the Fib Retracement. At the moment, it looks as if the 9 and 20 EMA lines are acting as a small support level for ETH’s price.
Zooming in, the 9 and 20 EMA lines reveal that the 9 EMA line has just crossed above the 20 EMA line – a short-term bullish flag.
Given the current level in the Fib Retracement drawn from the $1,157 level, and the 9 EMA crossing above the 20 EMA, it’s fair to say that the price of ETH may continue to rise. However, the resistance level at $1,126 may be able to hold out and keep the price down. If this is the case, ETH’s price could drop to the nearest support level at $1,050.
Investors and traders may look at what the price does at the $0.618 level drawn on the chart as an indication of what may happen next.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.