ETH Faces Tremors This Week, Will It Go Beyond Resistance 1?

Taking to Twitter, popular crypto analyst, Crypto Tony, shared an update about the ETH/USD trading pair. The crypto analyst claimed that ETH was rejected again from the supply zone; moreover, advised investors that they need it to flip at the current level into the support for the long run.

$ETH / $USD – Update

Rejected again from the supply zone. If you want to long then you wait for a flip of this level into support pic.twitter.com/wEazQAWYzV

— Crypto Tony (@CryptoTony__) February 8, 2023

When looking at the 4-hour chart, Ethereum’s native token is currently above the 200 EMA, however, it recently broke through the 50 EMA line, still within its range. While the start of the new year saw the start of a bull run, currently, ETH is fighting hard to remain in a bullish season.

4-hour chart ETH/USDT (Source: Trading View)

Yesterday, ETH reached the Resistance 1 region, before traveling downwards to meet the 50 EMA. Before the current position, ETH observed two patterns, the double top, and the double bottom. While the double top provided an entry for ETH to be below the Resistance 1 region, the double bottom gave confidence for the price to rise up.

4-hour chart ETH/USDT (Source: Trading View)

The Relative Strength Index (RSI) is valued at 48.98 and is currently below the SMA. The value of RSI could still be in the neutral zone, and only time will tell if it will move into the oversold region. The oversold region could be a signal for the bear claws. As the RSI is less than SMA, there is a chance that ETH could move into an oversold region; however, RSI started its trek upwards. This could mean that RSI could go beyond the SMA region.

Furthermore, Chaikin Money Flow (CMF) is valued at 0.03, a sign above its zero region, which supports that ETH is still in the bull run. However, since the value is quite close to zero and the movement is downward, it could indicate that there could be a shift in CMF’s value.

ETH price could change soon as the indicators do not give a strong confirmation of the current trend. However, if ETH goes beyond Resistance 1, then it will continue its journey toward its next goal of Resistance 2. Meanwhile, if the price of ETH starts going below, with the indicators confirmation of a bearish signal, it will reach Support 3.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Source