Ethereum (ETH) rate break out of a sideways chart structure , as a result raising issues for IMF towards the mass adoption of cryptocurrencies and how they might adversely affect world economies. Another fascinating one for the crypto market is Visa’s announcement of its blockchain interoperability hub to assist in crypto payments.
Let’s analyze the ETHUSDT price charts to see how the cost reacts to this news, starting with the day-to-day time frame.
Ethereum (ETH) Daily Chart Analysis
The 07 September price plunge rapidly revealed liquidation of extremely leveraged positions and consequently a price breakdown of the symmetrical triangle chart structure on 20 September ’21. The decline in ETH cost on the daily time frame led to a bear trap market structure on the weekly chart on 27 September ’21, which also put the everyday time frame into a debt consolidation stage, ready for a surge of the ETHUSDT to the benefit.
After the bearish inside bar resistance 2967.52 gave in to require on 25 Sep ’21, the bulls priced the smart agreement and DeFi cryptocurrency to get in at a discount.
More buy orders came streaming in, after another breakout above traditional inside bar candlestick resistance [$ 2950.00] on 30 September ’21, which finally resulted in an exit of the sideways channel $3174.50 and $2652.00.
Ethereum (ETH) 4HR Chart Analysis
Regular and covert bullish divergence patterns on 21 September 20:00 and 26 September 04:00 developed 2 solid buy walls [$ 2652.00 and $2738.17] that the bears could not dare to breach.
The relative strength index clear sets higher peaks and valleys, after a final break of the $3174.50 resistance on 01 October 12:00.
Although the market keeps a bullish outlook on the 4HR timespan, a routine bearish divergence at press time could possibly bring a correction in the ETHUSDT uptrend.
A correction of the uptrend is prepared for, which should pave method for brand-new buyers to enter into the uptrend of the ETHUSDT. We need to see a sharp rise in ETH price if the bears fail to close below the $3257.00 support.
Ethereum (ETH) Intraday Levels
- Spot rate: $3368.73
- Mid– Term Trend [H4]: Uptrend
- Volatility: High
- Support: $2652.0, $2738.17, and $3257.00
- Resistance: $1.7707, $1.8570, and $2.3242
The post ETH Price Analysis: Uptrend Eyes $3676.28 Target, Here’s Next Important Price Levels appeared initially on Coingape.