Overall, crypto prices were supported today by an improvement in risk sentiment that also helped cryptocurrencies hit by recession concerns earlier this week substantially trim losses. Profit-taking by sellers in the crypto market is supporting ETH without any additional fundamental support for Ethereum. The ETH/USD pair was driven by a change in risk sentiment after a 4-day upside move. The bullish set-up assisted ETH/USD rebound attempt to lift the price past the $1,400 zone. ETH shows strength despite ETH/USD bearish prices and remains at resistance it tried to break towards the end of the week at $1,423. The Ethereum mainnet is now scheduled to launch the merging during the week of September 19, according to a recent developer teleconference. This will happen after switching the final testnet before the merge to PoS.
Key Levels
Resistance Levels: $2,000, $1,700, $1,500
Support Levels: $1,000, $800, $500
ETH/USD Daily ChartThe $1,000 support level marked the start of Ether’s steady ascent. After breaking over the $1,300 area, the ETH/USD pair is attempting to move back into positive territory. The bulls would take control if it moved above the $1,500 mark and sustains its move over the daily moving average (MA 50). The pair is currently preserving gains of more than $1,340.
On the negative side, $1,000 acts as a baseline support level. Additionally, there is a critical positive area at $1,300 on the daily chart where the pair may continue to fall. If the pair breaks through crucial support near $1,000, it may test the $879 low level. After its recent recovery, the pair’s outlook is mostly neutral and it may trade sideways.
ETH/USD 4-Hour ChartThe ETH/USD pair has been slowly climbing since recent lows, and the upward trend is still going strong. A short-term consolidation perspective is also supported by the pair’s ongoing trend of higher lows as well as the most recent bounce off the 4-hour moving average (MA 50).
Additionally, supporting a positive bias are short-term momentum indicators. The short-term moving averages crossed and are widening with the RSI above its overbought level of the 70 mark, all signs that momentum is still building and the price is moving into the positive zone. This may indicate that the optimistic bias is starting to strengthen again.
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