Analysis: Ethereum taps $ 2,800, price down again? – PGz

Ethereum has reached its highest price today in 4 months. The coin rose several percent and kissed the $ 2,800. Does this mean that we are going back down again?

Ethereum course reaches resistance zone

To analyze this, we first look at the daily graph. Here every candle stands for a 24 -hour period, so that we can look back far back in the race. This is important to analyze the strongest price levels.

These price levels are shown above as gray, green and blue zone. Each of these zones has previously provided both resistance and support. It is therefore good to remember these places and might mark them in your own graph.

It happens more often that this kind of price levels remain important if the course will ever come back here. We can also see this well in the graph above. Almost every touch with a zone caused a price change.

At the moment ETH is moving between the gray and the green zone. The lower zone, around a race of $ 2,100, now serves as a support. While the green zone (about 2,800 dollars) provides resistance.

We saw the latter today, when the coin arrived at this course for the first time in a long time. Instead of a further increase, we saw that the coin responded to this level and started a small decrease. This just is not unexpected, since we often treated this scenario in our vorige ETH-analyses.

How does this continue?

To see that better, we will also take a look at the 4-hour graph of Ethereum. Here every candle stands for 4 hours, so that we can see the course in more detail. This makes it clear how ETH has sustained its upward trend to rise to $ 2,800.

This made the prospect very positive, but ETH recently entered The danger zone. Fortunately, the coin was able to pick up quickly by exceeding its previous layer, we are now reaping the benefits. The only question is: how will things go in the coming periods?

Ethereum has touched a resistance. So it would not be crazy if we now move a little further down. However – as long as the coin continues with higher lows, there is nothing wrong. There is even a chance that we will soon be able to break through the green zone. This could give a further boost to the course. It may therefore be good to first wait for how ETH will move around this level.