Ethereum price has been moving between $1,150 and $1,350 for weeks. When will ETH break out?
Will the Ethereum (ETH) price now bounce higher?
In the latest ETH price prediction nearly two weeks ago, we wrote, “ETH price rejected lower at resistance between $1300-$1350, ETH price ETH now sitting at significant Fib support around $1,180. There, ETH may now bounce higher in an attempt to once again break the resistance at $1,300-$1,350.
However, the MACD histogram in the daily chart is going down and the MACD lines are also crossing down. The RSI is neutral and gives neither bullish nor bearish signals.
If Ethereum breaks down the Golden Ratio support around $1,180, ETH could return to horizontal support between $880 and $1,000. “
Ethereum is in a symmetrical triangle
The price of ETH has been moving between around $1,150 and around $1,350 for weeks, during which it forms a symmetrical triangle. If Ethereum breaks out bearish, the next significant support is waiting between $880 and $1000.
On the upside, significant resistance already awaits between around $1,300 and $1,350. Additionally, the MACD lines are still a bearish cross while the MACD histogram is bullish since yesterday.
However, the RSI is currently neutral, which means that both scenarios are still open. Ethereum could break out both bullish and bearish. However, Ethereum is much closer to the lower trendline than the upper trendline of the symmetrical triangle pattern, bringing a bearish breakout closer.
In the 4H chart, the EMA death cross remains intact
A death cross has formed on the 4H chart, confirming the short-term downtrend. However, ETH price is still above the golden ratio support at around $1,180. If Ethereum holds above this support, ETH may soon target the Fib resistance around $1,228. There, Ethereum was repeatedly rejected in a bearish fashion.
Otherwise, Ethereum will find significant Fib resistance at around $1,275 at the latest. Additionally, the MACD lines are always a bullish crossover, however, the MACD histogram is turning downward. The RSI is neutral and gives neither bullish nor bearish signals.
In the weekly chart, the MACD histogram is on the rise again
On the weekly chart, the MACD histogram is on the rise again after dropping lower last week. Additionally, the weekly chart’s MACD lines are still crossed on the upside. But here too, the RSI is neutral and is moving slightly higher.
If the price of ETH breaks out in a bearish fashion, it could retrace to the horizontal support between $880 and $1,000.
Otherwise, the 200-week and 50-week EMAs at around $1,555 and $1,795 in particular act as significant resistance.
The MACD histogram is still rising in the monthly chart
In the monthly chart, the MACD histogram is now up for the fourth month in a row. Basically, it’s a signal for a bottom formation. However, with a recession looming, a continuation of the bear market in 2023 cannot be ruled out.
Should ETH price break down the support between $880 and $1,000, even price targets around $500 are conceivable again.
Against BTC, Ethereum remains above 0.382 Fib support at around 0.0716 BTC
Against BTC, Ethereum failed to break through the golden ratio resistance at around 0.078 BTC. Despite this, ETH managed to close above the 0.382 Fib support at around 0.0716 BTC for three consecutive months. If ETH were to break this support in a bearish fashion, the next significant Fib support awaits around 0.062 BTC.
On the other hand, if Ethereum breaks the bullish resistance of the golden ratio at around 0.078 BTC, the decisive Fib resistance awaits at around 0.085 BTC. If ETH breaks the golden ratio at around 0.085 BTC, Ethereum is in a new bull cycle against BTC.
Other than that, the monthly chart’s MACD lines are still crossed downwards and the MACD histogram is down again from last month.
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