Ascending pattern on the ethereum chart; How much does the price grow?

Ethereum launched a new downward move below $ 1.9 yesterday. Following the $ 4.9 price, the price was supported, and now buyers are trying to bring the digital currency back to over $ 1.2 again.

Ethereum had begun a new uptrend on September 9, with a price of $ 1.2 and $ 4.9; But in the end, buyers failed to raise the price up to $ 4.9. Prior to the downtrend of Ethereum, the price rose up to $ 1.2.

First, the simple 2 -hour moving average (MA 1 – the water line in the picture) and $ 1.2 was broken, and the Fibonacci -based correction was lost at $ 4.9, and the price fell below $ 2.9. In this analysis, the Fibonacci levels are set on the basis of an uptrend from $ 1.2 to $ 1.2.

However, as shown from the chart below, buyers have been active at $ 4.9 level and prevented Ethereum from falling to lower levels. The price has now begun to rise, with the Ethereum fluctuates over $ 2.5 and near the simple 4 -hour moving average.

If the market rises, the first resistance to Ethereum will be $ 4.9, with an uptrend flagship pattern ceiling on the one -hour chart of Ethereum in one area. The next key resistance is $ 4.99, and the price passing through this resistance can open the way to continue the uptrend of up to $ 4.9.

Continuing price growth can lead to the Ethereum mutation for up to $ 1.2 in the short term, and then Ethereum will have the opportunity to raise itself to $ 1.2.

On the contrary, if the Ethereum fails to cross the $ 1.5 resistance, a new descending correction will begin in the market. In that case, the closest support for Ethereum will be $ 4.9.

The next key support is $ 4.9, near the 5 % Fibonacci reform level. The breakdown of $ 1.2 can also lead to the fall of the Ethereum for up to $ 4.9.

The MacD index (MACD) is accelerating in the uptrend and the relative power index (RSI) is above the middle axis at Level 2.

As mentioned, $ 1.5 is key support for Ethereum, and $ 1.2 is acting as the main resistance to the price.