So far, the Ethereum price has bounced off the golden ratio support, but it has been moving sideways for days. Now, for the first time since, Ethereum is poised to attempt to break the 50-4H EMA at $2,040. If Ethereum price manages to clear the 50-4H EMA at $2,040, it could rally to the 200-4H EMA around $2,400.
If, on the other hand, the Ethereum price breaks the golden ratio support at around USD 1,700 bearishly, Ethereum could return to the high point of 2017. The Ethereum course then encounters very strong support between around USD 1,100 – 1,400 . In addition, the trend line that connects the lows from 2016 and 2020 runs through this price level.
For Ethereum to avoid a descent to $1,100 – $1,400, ETH should not dip below the 200-week EMA around $1,600. Otherwise, the golden ratio support is considered bearish broken.
In addition, the histogram in the weekly chart is ticking bearishly lower and the MACD lines are also crossed bearishly, while the RSI is giving neither bullish nor bearish signals. Should the ETH price nevertheless manage to break the 50-4H-EMA at just under USD 2,040, the decisive resistance awaits the ETH price at USD 3,700 at the latest. Only when Ethereum overcomes this resistance can Ethereum end the correction and start a new bull trend. Then the next price target would be around USD 4,900 at the all-time high.
The daily chart still has the death cross intact, confirming the trend bearishly in the short to medium term. However, the MACD lines are on the verge of a bullish crossover and the histogram is also ticking bullishly higher. It looks like severe volatility is not far off. In the daily chart, it also looks more like Ethereum is now rising instead of breaking out bearishly.
Against BTC, ETH price remains above the 0.382 Fib level
Ethereum price chart from Tradingview
Against BTC, ETH price managed to hold above the 0.382 Fib level at around 0.06 BTC. If Ethereum breaks this support bearishly, ETH finds support at 0.044 BTC on the golden ratio, which also runs the trend line that connects the lows from 2016 and 2021.
On the upside, strong resistance still awaits at the golden ratio around 0.085 BTC.
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