The price of Ethereum (ETH) showed so much strength but has been hit with resistance against Tether (USDT) as the Ethereum merge is announced.
Ethereum price rallied with so much strength from a region of $1,670 to $1,924, as bulls anticipate the Етхереум спајање from proof-of-work (POW) to proof-of-stake (POS).
Ethereum merge is an upgrade on the Ethereum network from POW to POS so as to increase its network efficiency in transactions. (Data feeds from Binance)
Ethereum Price Analysis On The Weekly Chart
From the chart, the price of ETH saw a weekly low of around $900, which bounced from that area and rallied to a price of $1,920, this is an over 100% rise in price.
Цена је изградила већи замах јер се суочава са отпором на 1,920 долара.
If the price of ETH on the weekly chart continues with this bullish structure, it could quickly revisit $1,900 and trend higher to $2,400.
Недељни отпор за цену ЕТХ – 1,920 долара.
Недељна подршка за цену ЕТХ – 1,012 долара.
Анализа цене ЕТХ на дневном (1Д) графикону
Цена ЕТХ је нашла снажну подршку на око 1,580 долара, са оним што се чини да је област интересовања на дневном графикону.
ETH bounced from its support and rallied as it faces resistance to break above a ranging channel and has continued to move in range.
With bulls placing more buy bids this channel was broken pushing ETH price to $1,920.
At the point of writing, the price of ETH is at $1,888, above the 50 Exponential Moving Average (EMA) with a price of $1,580.
ETH is faced with a price rejection from the $1,920 region, as this has proven to be a resistance preventing the price to trend higher.
If ETH price breaks this resistance of $1,920 successfully we could see the price trending higher ahead of the merge. If the ETH price gets rejected, $1,580 which corresponds with 50 EMA will be good support for buys.
The Relative Strength Index (RSI) for the price of ETH on the daily chart is above 65, indicating healthy buy bids for ETH.
The volume for ETH indicates buy bids, this shows bulls would want to push the price higher.
Дневни (1Д) отпор за цену ЕТХ – 1,920 долара.
Daily (1D) support for ETH price – $1,580.
Анализа цене ЕТХ на четворосатном (4Х) графикону
The price of ETH has continued to maintain its bullish structure despite facing resistance at $1,920 trying to break out and trend higher.
ETH is trading above the 50 and 200 EMA with prices of $1,760 and $1,580 acting as its support on the 4H chart, as the price faces resistance at $1,920.
If the price of ETH breaks above the resistance with the good volume we could see the price trending to $$2,400, In case ETH is unable to break and experience a sell-off, 50 and 200 EMA prices would act as support for ETH prices.
Отпор четири сата (4 сата) за ЕТХ цену – 1,920 долара.
Четворочасовна (4Х) подршка за ЕТХ цену – 1,760 УСД, 1,580 УСД.
Featured image from Watcher Guru, Charts from TradingView.com Source: https://www.newsbtc.com/analysis/ta-ethereum-price-faces-resistance-as-merge-date-is-announced/