Ethereum price analysis: ETH Token Price Coiling Up Momentum – Cryptocurrency News – The Market Periodical

  • ETH token price rises higher inside the rising parallel channel with increasing bullish support.
  • The super trend indicator projects a bullish trend in action.
  • The ETH/BTC trades at 0.07601 BTC with an intraday fall of -2.03%.

ETH Token price action resonates within a rising parallel channel in the 24-hour technical chart. The token price is above the crucial resistance horizontal level of $3800.

Ethereum trades above the Super trend indicator, indicating a bullish trend in motion, allowing investors to buy the dips at the support trendline.

ETH token currently trades at $3937, with a gain of +2.21% in market cap while dominating 20% of the entire crypto world, making it the second-largest cryptocurrency in the crypto-verse next to Bitcoin.

The stochastic RSI may soon generate a sell signal crossover while the ADX indicator projects a rise in underlying trend momentum.


Ethereum Token Jumps Post-Retest

The ETH token prices rise higher in a rising parallel channel in the 4-hour timeframe while breaking the critical resistance level of $3800. The recent retracement poses itself as a retest of the bullish breakout of $3800. 

Moreover, coin prices have risen above all the critical EMAs and project a strong uptrend. Therefore, the rising EMAs are in a bullish alignment that casts a firm grasp of bulls over the price trend.

The price action analysis suggests that the rise in demand for an ETH Token may drive the price to the resistance levels of $4000 or $4200 if it sustains above $3800. The support levels are at $3500 to $3350 in the case of a bearish reversal.

The RSI slope retraces back to the neutral territory and now head lower to the oversold zone in the 4-hour timeframe that may soon reverse if the retest is successful.

Conclusion – ETH token price is in a rally as the release of the new London Hard fork and the boom in the NFT sector is driving the craze. However, a correction awaits that may test the 50-day EMA. 

Support- $3500 and $3350

Resistance-$4000 and $4200

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About the Author: Kate