- The price of the ETH token has risen from the demand zone to the supply zone, indicating strong bullish momentum.
- On a daily basis, the token price is forming a rounding bottom pattern.
- The ETH/BTC pair is now at 0.07101, up 1.28% in the last 24 hours.
According to price action, the ETH token price is hovering around the supply zone after experiencing a strong bullish momentum from the overall cryptocurrency market. The token price is currently forming a reversal chart pattern, indicating further bullish movement.
On a daily time frame, the ETH token price is currently trading above the demand zone and above the important Moving Averages. During the recent bullish momentum, the token price broke the important MAs and has been in an uptrend since. The token price is rising above the MAs after finding support during the pullback a. The token price is currently forming a higher high and higher low price structure.
The ETH token price is trading at the upper band of the Bollinger band indicator after bouncing off the lower band. Although, the token price is yet to cross the upset band of the Bollinger band indicator. Volumes have increased after the token price raised steeply indicating strong volatility in the upcoming g trading days therefore investors should remain cautious and wait for a proper breakout for a further uptrend move.
The ETH token price is forming a rounding bottom pattern on a daily time frame
Average Directional Movement Index: The price of the ETH token is forming a bullish chart pattern. The token price was in the demand zone prior to the current movement, and a recent bullish movement has pushed the price as well as the ADX curve upwards. The ADX curve is currently hovering at 36.82, just above the 25 mark. The ADX curve has shifted to indicate the possibility of a break in the current price structure, which could result in the formation of a bullish price structure.
Moving Average Convergence Divergence: The ETH token price has been on an upward trend, as shown by the MACD indicator. On the upside, the blue line crossed the orange line, indicating bullish momentum in the coming trading days. When the token price breaks through the supply zone, the MACD line widens, supporting the trend. Investors should exercise caution because the token price can behave erratically until it breaks the supply zone consolidation.
Supertrend: The ETH token price was facing a strong rejection from the super trend sell line which was acting as a strong supply zone, but recent movement broke it and now the super trend indicator has triggered a positive signal indicating. Moving upward the token price can be seen resting at the super trend buy line, which can act as a strong demand zone.
Conclusion: The ETH token price is bullish as per the price action and the same is shown by the technical parameters. However, the token price is yet to cross the supply zone, investors should wait for proper price action and then act accordingly.
Support: $1500 and $1450
Resistance: $1700 and $1750
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/02/09/eth-token-price-analysis-eth-token-price-is-stuck-at-resistance/