ETH is on a tear in the past couple of days, surging by as much as 40% in 48 hours. The cryptocurrency charted a monthly high following a massive increase in the past hours.
Technical Analysis By Grizzly
The Daily Chart
The bulls finally broke above the solid resistance at $1280 on the fourth hit. The best course of action for the buyers right now would be to consolidate the price abvoe the resistance zone between $1280 and $1500. Developers confirmed that the ETH 2.0 Merge is on track to happen in September based on a soft schedule. This has been perceived very well by the market.
However, keeping the price above the support zone at $880-$1000 is also very important. If ETH goes below it, a new bearish structure will be formed, with the potential of sending the price towards much lower.
Key Support Levels: $1000 & $880
Key Resistance Levels: $1280 & $1500
Daily Moving Averages:
The 4-Hour Chart
Aganst Bitcoin, the dynamic resistance line (in yellow) finally broke to the upside. ETH is currently struggling with the resistance zone at 0.066-0.069 BTC (in red). If the buyers manage to push the price above this area, the bearish trend reversal will be confirmed in the short term. Of course, the long upper shadow indicates much volatility in this area.