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ETH Technical Analysis: Will Ether Prices Reclaim $2000 value?

Ethereum

cryptoknowmics.com 29 July 2022 08:59, UTC
  
Reading time: ~2 m

The ETH price action shows a bullish breakout rally with a morning star pattern exceeding $1700 to challenge the 100-day SMA.

Key Technical Points:

  • The ETH prices jumped by 5.72% in the last 24 hours.
  • The consolidation range breakout rally faces opposition from the 100-day SMA.
  • The 24-hour trading volume of Ethereum is $26.80 billion, indicating a hike of 7.80%.

Past Performance of ETH

As teased in our previous article, the ETH prices broke below the $1400 mark, but the selling pressure declined as the market sentiments improved. It led to an upside reversal with a Morning Star pattern formation driving the price higher by 12% in a day to make a bullish engulfing candlestick. The bull run breaks above the consolidation range and the $1700 mark, reflecting a boom in demand. TradingView Chart Source - Tradingview

ETH Technical Analysis

The ETH price chart reflects a struggle for buyers to sustain above $1700 as the higher price rejection becomes evident by the wick formation. Hence, traders looking for a new entry spot will have to wait for the 100-day SMA breakout. The daily-RSI slope reflects a solid underlying bullishness maintaining a sideways trend near the overbought boundary. Moreover, the reversal from the halfway line with the 14-day SMA support increases the uptrend possibility. The recent surge in buying pressure helps the bullish histograms resurface and increases the bullish influence on the fast and slow lines. This keeps the uptrend moving and avoids a bearish crossover event. In a nutshell, the ETH Technical Analysis displays a high uptrend continuation possibility if the buyers beat the 100-day SMA.

Upcoming Trend

If the Ether prices beat the 100-day SMA, the market value will shoot higher above the $1900 level to attempt a shot at $2000. However, a reversal in ETH prices can retest the $1700 mark. Resistance Levels: $1900 and $2000 Support Levels: $1700 and $1478


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