Ethereum Bulls And Bears At Crossed Road – Is $1,000 The Next Target?

Ethereum  price got rejected from $2,000 despite showing strong bullish signs against Tether (USDT) ahead of “The Merge.” The price of Ethereum has struggled to regain its bullish momentum as this has created a mixed feeling between Ethereum bulls and bears. (Data from Binance)

The price of ETH on the 4H chart has continued to look bullish, trying to hold above the support area at $1,500. ETH price trades below the 50 EMA on the 4H chart, with more buy orders in this region.

After forming a bullish divergence on the 4H chart as the price was oversold, the ETH price rallied to $1,600, trying to break above the 50 EMA, acting as resistance for the ETH price.

The 50 EMA price corresponds to the resistance at $1,620.

The Relative Strength Index (RSI) for ETH on the 4H chart is above 45, indicating moderate buy volume for ETH price.

Four-Hourly (4H) resistance for ETH price – $1,620.

Four-Hourly (4H) support for ETH price – $1,500.

The price of ETH found its weekly low at $1,000 and quickly bounced off the area where it has formed good support; ETH price rallied to a region of $2,030 as the price was rejected, preventing ETH price from trending higher.

Despite showing great bullish signs, ETH is trading at $1,540 below the 50 and 200 Exponential Moving Averages (EMA), acting as resistance for the price of ETH to break higher. 

The 50 and 200 EMA correspond to prices of $2,200 and $1,580, respectively; for ETH to trend higher, it must break through this region, which acts as resistance for ETH prices.

A break and close above the 50-day moving average would indicate a short-term relief bounce and the possibility of price trending to $3,500

Weekly (1W) resistance for ETH price – $1,580, $2,200.

Weekly (1W) support for ETH price – $988.

The price of ETH saw a bullish price movement in the previous month, closing with so many bullish sentiments, with talks focused on a rally to its all-time high of $4,000.

With previous month’s candle closed bullish but was soon followed by a bearish candle which saw the price of ETH showing bullish signs short-lived. 

As the price of ETH comes to a monthly close, ETH needs to close at $1,700 to have a better chance of trending higher, with many hoping ETH prices outperform the market in the coming days.

Monthly resistance for the price of ETH – $2,200.

Weekly support for the price of ETH – $988.