Ethereum has become impulsive and non-volatile after bouncing from $360 key support. Ethereum holds the bullish momentum above $380 area. Bulls to surge further? What are the charts and technical indicators are saying? Read more to find further insights into today’s ETH/USD Technical Analysis.
September 18, 2020, | AtoZ Markets – Daily exchanges on the Ethereum blockchain recently recorded another high in the midst of the overall surge of congestion on the network. The volume of daily exchanges on the Ethereum network added up to 1,406,000, as per data from major Ethereum program Etherscan. This is the most noteworthy number of daily exchanges ever recorded on the Ethereum network, On Sept. 17. Ethereum is currently trading around $385 area and trying to recover higher. The price broke above the dynamic level of 20 EMA impulsive on the daily chart. As per the current price action, ETH may face strong resistance around $400 area in the coming days.
Ethereum Holds the Bullish Momentum as the Ethereum Network’s Volume Hits Record High
ETH is currently residing near $385 area and trying to climb upside. Moreover, the price is still remaining inside the Kumo cloud, which may also work as strong resistance on the intraday chart.
Image: Ethereum 4 Hour Chart
According to the 4-hour chart, Ethereum holds the bullish momentum and currently residing near $385 area. As per the current price action, if the price can have an impulsive bullish candle close above $380 area, the bulls may recover higher towards $400 area as a first target. The second target will be $420 area if the price can break above $400 in the days ahead.
In addition, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and the Tenkan line. The dynamic level may work as strong support to push the price upside. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the coming days. However, the bears may regain momentum if the price can break below the dynamic level in the days ahead.
ETH Bulls Are Optimistic
According to the daily chart, Ethereum holds the bullish momentum as the investors are optimistic. As per the current price action context, if the price can have an impulsive bullish close above $380 area, the bulls may sustain the bullish pressure towards $420 area as a first target. The second target will be $485 area if the price break above $420 in the coming days.
Image: Ethereum Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing below the price, which may work as strong support to push the price upward. Also, the MACD lines are currently residing above 0.00 level and may have a bullish intersection. It indicates there is a high chance that bulls may continue the bullish trend further in the process.
To conclude, after an extended period of bearish momentum, the bulls have regained momentum and climb above $380 event level. A daily close is required to identify the definite momentum in the coming days.