First bullish price target remains $ 439.
Above $ 409 there is further upside potential
The ether price can recover this week and has increased by more than six percentage points since the previous week’s analysis . Ethereum is now trading above the moving average of the last 20 days (EMA20) (red). A price increase back above 409 US dollars should give the price development further impetus in the coming days.
Ethereum is currently hovering along its red uptrend line towards the first major resistance at $ 409. If the bulls manage to push Ethereum’s price back above $ 395 in a timely manner, a subsequent rise back above $ 400 is likely. If the 409 US dollar daily closing rate is surmounted, another increase to 440 US dollars must be planned. The price development of Bitcoin Era for the coming weeks will then be decided here. If investors can also break through this important upward resist, a bullish follow-up movement up to the annual high of 489 US dollars is conceivable. Only when this strong resistance is dynamically overcome will the way be clear for the medium-term price target of 515 US dollars.
The bears have failed to keep the Ether price below the EMA20 in the past few days
As long as the 395 US dollar and especially the 409 US dollar are not outbid, there is still a chance of another downward movement. If the price falls back below 363 US dollars at the end of the day and thus breaks the current upward trend, another price drop to 333 US dollars is conceivable. The moving average of the last 100 days (EMA100) (yellow) and the red horizontal support line are currently running in this area.
If this support is also dynamically undershot and the course low at 310 US dollars is subsequently abandoned, the price target in the range between 289 US dollars and 284 US dollars is activated. The course of Ethereum’s price for the coming weeks will be decided at this chart mark. The pink support area from the old year high and EMA200 (blue) represents a very strong support zone. A break in this important support will cause the Ether price to correct to the top of the trend channel at 252 US dollars. If this support is subsequently left on the downside, the maximum bearish price target is activated at 234 US dollars.
As in the previous week, the RSI continues to trade in the neutral zone and has not yet been able to generate a new buy signal. If the RSI rises again above 55, the probability of a rising Ether price increases. Due to the price increase, the MACD is also turning up again and was able to activate a new buy signal. From a weekly perspective, the situation is still bullish and supports the bullish scenario for Ethereum.