Ethereum has become volatile but still holding the bullish bias. Ethereum sustains bullish pressure above $330 psychological support level. Can break above $360 resistance area? What are the charts and technical indicators are saying? Read more to find further insights into today’s ETH/USD Technical Analysis.
Oct 9, 2020, | AtoZ Markets – Ethereum price rose today morning during the Asian session against the U.S. Dollar. ETH price stays at risk of a sharp decay except if it surges past $360 and $365 area. Ethereum is currently trading around $350 area and trying to recover higher. After bouncing from the $330 support level, the bulls pushed the price upside quite impulsively and reached near $351 area. As per the current price action, ETH may face strong resistance around $360 to $365 area in the coming days.
Ethereum Sustains Bullish as the Psychological Support Holding the Price
Ethereum is currently trading around $350 area and trying to push upside. Moreover, the price also broke above the Kijun line and the Tenkan line on the intraday chart.
Image: Ethereum 4 Hour Chart
According to the 4-hour chart, Ethereum sustains bullish and currently residing near $350 area. As per the current price action, if the price pushes further upside, the bulls may reach around $360 to $365 resistance level. So, if the price reaches $360 to $365 area and rejects, the bears may regain momentum and decline towards $330 to $325 area again in the coming days. Alternatively, if the price reaches $360 to $365 area and breaks above, the bulls may sustain the bullish pressure towards $390 to $395 area in the coming days.
Besides, 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 act as strong support to push the price upward. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the days ahead.
ETH Indecisive Inside the Range
According to the daily chart, Ethereum sustains bullish and currently residing near $350 area. As per the current price action, if the price pushes upside and breaks above $360 to $365 resistance level with an impulsive bullish candle close, the bulls may recover higher towards $390 to $395 area in the process. In contrast, if the reaches $360 to $365 area and rejects with an impulsive bearish candle close, the bears may regain momentum and push the price downside towards $330 to $325 area as a first target. The second target will be $305 to $300 area in the days ahead.
Image: Ethereum Daily Chart
Furthermore, the dynamic level of 20 EMA is still residing above the price, which may work as strong resistance in the process. Also, the MACD lines are currently residing above 0.00 level and may have a bullish cross over. It indicates that bulls may continue the bullish bias in the days ahead.
To conclude, as long as the price residing above $330 to $325 support level, the bias will remain bullish. A daily close is required to identify the definite momentum in the coming days.