Ethereum has seen impressive rallies over the past few sessions. That had ETH/USD attaining new price levels. ETH enthusiasts can now smile as the asset has entered new higher trading zones. While writing this, Ethereum lost around 2.31% to stand near $3,849. That shows that the crypto might register downward trends before accumulating upside triggers.
ETH Market on New Higher Levels
- Critical resistance levels – $4,250, $4,500, and $4,750
- Critical support levels – $3,500, $3,250, and $3,000
ETH/USD Daily Chart
According to the ETH-USD price chart, the asset trades inside a new high level near the previous ATH recorded in 2021 May. That’s after the coin formed a bullish candle that helped ETH overcome the prolonged resistance at $3,500. The altcoin has had money-making moves since this month started, ETH propelling towards new highs the following sessions.
Today, the crypto forms its candlestick beneath the resistance level at $4,000. Meanwhile, the 14-day Simple Moving Average and the bullish line moves above the 50- day Simple Moving Average. The Stochastic Oscillators shifted to the overbought territory as it depicts southward moves. That prints a warning sign as the asset’s northwards pressure appears to reduce gradually.
Will ETH/USD Overcome the $4K Levels?
For now, the ETH/USD pair trades on another higher region ranging from $3,500 to $4,000. The asset might maintain its actions near the higher price level for a long. With that, bulls might have to act with due diligence as far as long positions are concerned.
That is because the market does not have enough price actions to support long trade positions. Nevertheless, the sentiments indicate that Ethereum gains control towards the overbought scenario.
On the downward trend, history might repeat itself. The incoming efforts to take the pair up might witness price declining from the higher range at $4,000. For now, interested traders need to be careful when interacting with ETH/USD. The asset might register a fearful move from this area. That can mean active reversals, canceling the sell entry.
ETH-BTC Price Analysis
According to the price chart, the ETH/BTC has taken its actions to a new and higher trading zone. That shows that ETH overrides BTC’s forces. The 14 day Simple Moving Average line is over the 50-day Simple Moving Average trend line. Meanwhile, the stochastic oscillators remain inside the overbought zone, indicating that Ethereum might lose Bitcoin’s stance in a short time.
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