Ethereum failed to sustain the bullish pressure above $360 area and declined. Ethereum bears strike back as the price found resistance around $360 area. Will bears continue the bearish momentum? What are the charts and technical indicators are saying? Read more to find further insights into today’s ETH/USD Technical Analysis.
October 2, 2020, | AtoZ Markets – Ethereum price fall from the $370 resistance zone against the US Dollar. ETH price is at present correcting losses from $345, yet it is probably going to confront sellers around $355. Ethereum is currently trading around $335 area and trying to push downside. However, the price broke below the dynamic level of 20 EMA on the intraday chart. As per the current price action, the price may face strong support around $320 area in the coming days.
Ethereum Bears Strike Back as Investors Sentiment Working Against
ETH is currently trading around $335area and trying to decline. Moreover, the price also broke below the Bollinger Bands lower band impulsively on the intraday chart.
Image: Ethereum 4 Hour Chart
According to the 4-hour chart, Ethereum bears strike back and currently residing near $335 area. As per the current scenario, if the price can have an impulsive bearish candle close below the Bollinger Bands lower band, the bears may sustain the bearish pressure towards $320 area in the days ahead. So, if the price reaches $320 area and bounces higher with an impulsive bullish candle close, the bulls may regain momentum and recover higher towards $360 area again in the coming days.
In addition, the dynamic level of 20 EMA is currently residing above the price. Along with the Bollinger bands lower band. The dynamic level may work as strong resistance to push the price further in the process. Besides, the Bollinger Bands Lower band may work as a confluence of the dynamic level in the coming days.
ETH Bulls May Regain Momentum
According to the daily chart, Ethereum bears strike back, but $320 area may work as strong support. As per the current price action, if the price reaches $320 area and bounces higher with an impulsive bullish candle close, the bulls may regain momentum and climb upside towards $400 event level in the coming days. In contrast, if the price breaks below $320 support area with an impulsive bearish candle close, the bears may continue the bearish pressure towards $280 area in the process.
Image: Ethereum Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing above the price, which may work as strong resistance in the days ahead. Also, the MACD lines are currently residing below 0.00 level and may have a bullish intersection. Besides, the MACD’s histograms are gradually moving upwards, which is another indication of upcoming bullish momentum.
To conclude, as long as the price remaining above $320 support area, the trend will remain bullish. A daily close is required to identify the definite momentum in the coming days.