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ETH Price Analysis: Testing Key Resistance Levels
$ETH is currently trading around $2,447 following a 24-hour increase of 1.46%. According to the charts, the asset is showing short-term bullish momentum but is approaching significant resistance zone.
1-Hour Chart (Short-Term)
· Price Action: ETH recently broke above the middle Bollinger Band ($2,431) and reached a local high of $2,477.16 before a minor pullback.
· Bollinger Bands: The price is currently between the middle band and the upper band ($2,488). The immediate resistance is at the upper band level.
· MACD: The MACD line is above the signal line with a positive histogram, confirming current upward momentum.
· Volume: There was a noticeable spike in trading volume during the recent upward move.
4-Hour Chart (Medium-Term)
· Bollinger Bands: The price is pushing against the upper Bollinger Band, currently at $2,461.80. The middle band at $2,410.04 acts as immediate support.
· MACD: A bullish crossover is visible below the zero line, with the histogram expanding upward, indicating strengthening short-term buying pressure.
· Structure: The recent swing low was established at $2,314.27. The price is recovering from this level.
1-Day Chart (Long-Term)
· Bollinger Bands: The daily chart shows ETH trading below the middle band ($2,519.90). This moving average is a significant resistance level that bulls need to reclaim to confirm a medium-term trend reversal. The lower band at $2,298.06 provided recent support.
· MACD: While the MACD remains below the signal line, the negative histogram is shrinking, indicating a decrease in bearish momentum.
Key Levels to Watch:
· Immediate Resistance: $2,461 - $2,488 (Upper Bollinger Bands on 4H and 1H).
· Major Resistance: $2,519.90 (Daily Middle Bollinger Band).
· Immediate Support: $2,431 - $2,410 (Middle Bollinger Bands on 1H and 4H).
· Major Support: $2,314 (Recent swing low).
Conclusion:
ETH has successfully recovered above $2,400 and is testing the $2,450 zone. To maintain this momentum, the price must hold above the 4-hour middle band ($2,410) and break through the local resistance at $2,488. However, on the daily timeframe, the trend remains under pressure until the price closes above the $2,520 level.
#ETH
$ETH