The eternal second closes the first day of the month in green. However, its value remains around a five-month resistance. On a broad view, Ether (ETH) looks undecided, but its short-term moves show bullish setups.
Ether (ETH) in a phase of indecision
Currently, ETH is trading around $1616, a value very close to the Merge level. We then see that this crypto is still evolving in the $1742 and $1464 range. While bitcoin (BTC) is about to clear a six-month hurdle, ether (ETH) remains undecided around $1636. Based on the RSI divergence on the daily scale, we could envisage a descent of the price. In this case, the support at $1464 might not hold. But before that, there is a good chance that ETH will first close this week in the green.
Indeed, we can see on the H1 scale that ETH has achieved the first scenario predicted in the February 28 analysis. After brushing the 50% fib level of the weekend range on Tuesday, ether (ETH) gained 4.5% in value. This lifted it past Monday’s high ($1667) yesterday. Thus, we are therefore considering more increases this week. Moreover, we can expect the price to reach the high of the week today.
A potential rise towards $1730?
Given the current movement, one could envisage a bullish week for ether (ETH). The price might rise to the area above $1724. Indeed, we can see the presence of a resistance on this level. Who says resistance, says a large quantity of orders buy stops above. Thus, the price might experience a rally towards $1730 for the next few days.
The demand zone around $1600 could serve as our entry point. The principle being that ether (ETH) does not break above Tuesday’s low at $1595. Thus, our stop could be placed below this level.
How it works ?
You can place your orders as follows:
Entry point: $1600;
Stop: $1585;
Goal: $1725.
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