Ethereum (ETH) Technical Analysis

Ethereum (ETH) price reached above the $4,027.88 resistance on October 20. This was followed by another sharp rise that pushed the price to $4,375 on Oct. 21, just above the previous ATH level of $4,372.72. However, the long wick and negative close on October 21 suggest that traders may have sold aggressively close to ATH levels. The bears are trying to keep the price below the breakout level at $4,027.88. On the technical side, the rising 20-day EMA ($3,712) and the RSI in the positive zone suggest that the bulls are at the wheel. If the price bounces off the current level, the bulls will make another attempt to push the ETH price above the ATH level. A break and close below the neckline of the inverse head and shoulders pattern could signal the possible start of a deeper correction to $3,200.