Ethereum bullish trend has become impulsive and broke above $285 event level. Will Ethreum break above $350 key resistance area in the days ahead? What are the charts and technical indicators are saying? Read more to find further insights into today’s ETH/USD Technical Analysis.
31 July 2020 | AtoZ Markets – Ethereum is currently trading around $340 area and trying to recover higher. The price broke above $285 resistance level, with 200 pips of a bullish gap. As per the current price action, Ethereum may face strong resistance around $350 area in the coming days.
Ethereum climb by over 40% over the previous week to hit another yearly high of $335. Information uncovers that some ETH holders are taking advantage of the ongoing bullish pressure to acknowledge profits. The mounting selling momentum could prompt a steep decrease that pushes Ether to $273.
Ethereum Break Above as Coronavirus Worries Rise in the United States
ETH is currently residing near $340 area and trying to push higher. After breaking above $285 area, the price retraced towards the dynamic level of 20 EMA and bounce higher.
Image: Ethereum 4 Hour Chart
According to the 4-hour chart, Ethreum is currently trading around $340 area and trying to break above. As per the current price action, if the price can break above $350 resistance level, the bulls may push the price upside towards $400 area in the coming days. Alternatively, if the price reaches $350 area and rejects with an impulsive bearish candle close, the bears may regain momentum and push the price down towards $305 support in the coming days.
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 carry the price as a support and push upwards. The Kijun line and the Tenkan line may work as a confluence of the dynamic level.
ETH May Fill up the Bullish Gap
According to the daily chart, Ethereum is currently residing near $340 area and trying to break above. As per the current price action, if the price can break above $350 area with an impulsive bullish daily close, the bulls may sustain the bullish trend towards $400 area in the process. In contrary, if the price reaches $350 area and rejects with a daily bearish close, the bears may decline towards $285 support area to fill up the bullish gap.
Image: ETH Daily Chart
Moreover, the dynamic level of 20 EMA is currently residing far below from the price. It may pull the price downside as a mean reversion. Besides, the Stochastic Oscillator lines are currently residing above the overbought level 80 and had a bearish cross over. It indicates that bears many regain momentum in the days ahead.
To conclude, as Coronavirus pandemic destroying the U.S. economy, investors are taking interest in the safe havens like ETH. A daily close will help to identify the definite momentum in the coming days.