Ethereum Technical Analysis: ETH Breaks Past $1,800

Last Updated July 23rd 2021
2 Min Read

Daily Ethereum ETH Price Analysis
  • Ethereum price has flashed a sell signal in the 4-hour chart.
  • ETH has one healthy support level at $1,650.

Ethereum price broke new grounds today by overtaking the $1,800 psychological level for the first time ever. As things stand, ETH looks poised to break new grounds and enter the $2,000 mark.

 

Ethereum Price Charts Historic Heights

Bulls have been in control of the Ethereum price for the last three days, wherein it rose from $1,610 to 1,820. In the process, ETH gained a valuable support line at $1,650. The relative strength index (RSI) has still not ventured into the overbought zone, which signifies that further price growth is expected.

eth/usd daily chart 021021

Image: ETH/USD daily

The $1,650 support line looks pretty juicy. 26,000 addresses had previously purchased 8 million ETH tokens at this level. As such, it should be robust enough to absorb a lot of selling pressure on Ethereum price.

eth/usd volume chart 021021

Image: IntoTheBlock

Now, when we see the 4-hour Ethereum price chart, we can see that the ETH has overcome the sell signal in the TD indicator (green-nine candlestick), plus the MACD shows increasing bullish market momentum. All these indicators tell us that ETH is likely going to go up even more.

eth/usd 4-hour chart 021021

Image: ETH/USD 4-hour

 

Ethereum Network Rapidly Increasing

eth/usd santiment chart 021021

With Chainlink and Ethereum price hitting all-time highs, on-chain analytics platform Santiment saw a direct correlation with their increasing network size. With more daily new addresses entering, the price was bound to grow.

 

Ethereum Price Is Expected To Break These Levels

Having gained the $1,800 psychological level, things look good now for Ethereum price to conquer the $1,900 level. If that happens, there is every chance that ETH will enter $2,000, as well.

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