Jun 20, 2022 09:30AM ET
By: AnalysisWatch
According to CoinMarketCap, the second largest cryptocurrency by market cap, Ethereum (ETH), saw a relatively decent increase in the last 24 hours.
At the time of writing, the price of ETH stands at $1,123.82—an increase of 6.63% in the last 24 hours.
However, the ETH price is still down over the last 7 days. This puts the market cap at around $135.83 billion, ranking below Bitcoin (BTC) with a market cap of $391.16 billion and above Tether (USDT) with a market cap of $67.85 billion.
The highest price of ETH is $1,126.
The 4-hour chart for ETH/USDT shows how the ETH price climbed from the chart low of just under $920 to $1,160 before falling below the 0.786 level of the Fib retracement derived from the $1,157 level. This is also an important mark on the 4-hour chart.
The current 4-hour candle has dropped below the 0.618 level and to the 0.5 level of the Fib retracement.
At the moment, it looks like the 9 and 20 EMA lines are providing a little support for the ETH price.
Zooming in on the 9 and 20 EMA lines, it is clear that the 9 EMA line just crossed the 20 EMA line—a short-term bullish flag.
Considering the current level of the Fib retracement derived from the $1,157 level and the crossing of the 9 EMA line above the 20 EMA line, it is safe to assume that the ETH price will continue to rise. However, it is possible that the resistance at $1,126 will push the price down. If this is the case, the ETH price could fall to the nearest support level at $1,050.
Investors and traders can look at the price's performance at $0.618 on the chart as a guide for the next steps.