The number two in the crypto market has had a few very nice weeks. Ethereum is already up more than 20% from its last support point, and from the looks of it, the coin seems to be continuing this rise. Let’s look at the graphs.
The largest price levels
To start, we are going to highlight Ethereum’s main support and resistance points. And we can see this best on the weekly chart, where each candle represents 7 days. Here we see these price levels indicated as gray zones and blue lines.
The gray zones are around $900 and $2,100. These are very far apart zones, of which we hopefully won’t have to see the bottom one anymore, but it is still good to have these levels clear. They might just come in handy sometime in the future.
The upper gray zone is the biggest resistance Ethereum will face, but before we go there, the coin needs to hold strong. The coin can do this by staying above the blue lines.
Upward trend still intact
To analyze the price a little better, we will also briefly take a look at the daily chart. Here each candle represents 4 hours, allowing us to better see the recent increases. These have their origins in previous highs and lows.
It is good if the coin continues to cross these lines and thus continues its upward trend. This is also the only reason why ETH can continue to rise to $2100. It would not be surprising if the price first went back to 1850 to test its previous high. This does not necessarily have to be a bad thing, but it is important that the currency does not fall further than that.
Should the coin make a lower high or low, this could result in a further decline. But as long as the blue lines remain intact, the major gray resistance at $2100 will be a logical progression.
