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Ether Uptrend Is Weakening, Could Test Lower Support: Technical Analysis

Ether is facing resistance from all-time-highs and could see lower support, initially around $1,561.

By Damanick Dantes
Updated Sep 14, 2021, 12:24 p.m. Published Mar 11, 2021, 12:18 p.m.
Ether prices have softened recently after a powerful bull run over the past year.
Ether prices have softened recently after a powerful bull run over the past year.

Ether (ETH), the second largest cryptocurrency by market cap, is up about 140% for the year to date, but the uptrend has slowed since January. The first level of support is around $1,561, defined by its 50-day volume weighted moving average.

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  • The relative strength index (RSI) made a series of lower highs since January, diverging from ETH’s uptrend.
  • Initial support for ETH is around $1,561, with lower support around the $1,300 breakout zone.
  • Resistance remains around the $2,000 level, which set in February as fresh all-time-high for ETH.
  • ETH has trailed bitcoin (BTC) since the Chicago-based commodities exchange CME launched its new ether futures contract in early February.
Chart shows RSI divergence with ETH uptrend.
Chart shows RSI divergence with ETH uptrend.

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Bitcoin derivatives point to broad price range play between $85,000-$100,000

Oleh Omkar Godbole|Diedit oleh Nikhilesh De
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BTC options flow points to expectations for a broad range play rather than a massive surge or crash.

Yang perlu diketahui:

  • Bitcoin's derivatives market shows stability, with strong support at $85,000 and resistance between $95,000 and $100,000.
  • Traders are selling put options at $85,000, indicating confidence that bitcoin won't fall below this level soon.
  • Call options are being sold at $100,000.
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