Ethereum Technical Analysis: ETH Breaks Past $1,800
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.
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.
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.
Image: ETH/USD 4-hour
Ethereum Network Rapidly Increasing
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.