The past week was quite entertaining and clearly, there has been a monumental shift in investor sentiment. Let’s take a look at Ethereum price analysis as ETH and BTC appear to be taking a breather in preparation for the next move.
Ethereum Price Analysis: Market Review
Bitcoin’s explosive move to $5,300 assisted Ethereum in its run up to $180. This helped set ETH price firmly back on the weekly uptrend. The weekly chart shows ETH positioned outside the upper arm of the Bollinger band indicator, a first since reaching all-time highs in January 2018.
The next hurdle will be $225 and ETH 00 appears indecisive as BTC remains pinned to $5k. The successive dojo candles on the 4-hour chart and declining buy volume are keeping Ethereum price trapped below strong resistance at $165 where it has been rejected multiple times.
ETH is currently resting on the 61.8% Fib retracement line and above the ascending trendline with support at $162 and $160. Generally, ETH is well situated and has held support from…