The Crypto market is getting really really tense lately. Not much has changed regarding price levels since our last post, but we can notice that the BTC volume is constantly shrinking.
ETH is currently trading at the $210 price level. We haven’t seen too much volatility in the ETH chart during the last 3 days. The price range was less than 3%
Looking at the 4 hours chart
- ETH is getting a strong support from the $206-$205 price territory. This area acted as resistance before and it turned into a very active support level.
- The 200 EMA a 55EMA are joining forces to support the chart as well.
- If the bears will take control and manage to pull the ETH price below this strong support level, we will probably see the price back at the $192 levels. but if ETH will hold this support level, and it looks like that at the moment, we could see a very nice rally developing soon.
The first target could be at the $224 price level, but if the bulls will show strength we might go straight to the $250 area.
It is noticeable in the attached daily chart that ETH is playing around with a historic price level between the $200 to $220.
ETH developed a triangle formation on this historic support level and currently moving closer and closer toward the triangle’s apex (where the to contracting lines of the triangle meet). The volume is typically shrinking toward the triangle’s apex and we should see a pretty aggressive move to ETH one of the sides coming very soon.
ETH/USD BitStamp 4 Hours chart
Cryptocurrency charts by TradingView. Technical analysis tools by Coinigy.