Technical Analysis for ETHUSD for 22nd October 2021
Ethereum Recoils from All-Time Highs, will ETH/USDT Reject Sellers at above $4k?
Past Performance of ETH
Ethereum bulls are upbeat.
At the time of writing, ETH prices are up seven percent week-to-date but in red on the last day.
Although ETH bulls are confident, prices may drop in the subsequent sessions in profit-taking.
What to Expect of ETH
Overall, the uptrend is firm and still valid. However, the long upper wick of the October 21 candle reveals weakness.
As such, ETH/USDT prices may recoil below $4k if buyers don't flow back in today's sessions. The immediate support line is $4k, and on the lower end, $3.6k.
Conversely, if there is an influx of buyers--rejecting lower lows--, a push above $4.4k may draw demand, thrusting ETH prices to a new territory.
Ethereum Technical Analysis
As mentioned earlier, ETH bulls are ecstatic. Still, amid the excitement, sellers may sneak in to slow down the uptrend.
Based on the ETH technical analysis in the daily chart, the $4k round number offers the first support line.
On the lower end, deeper losses below the minor trend line and $3.6k nullify buyers, swinging price action in favor of sellers. In that case, ETH/USDT might shrink to $3.3k.
On the flip side, if buyers sustain prices above $4k, a close above $4.4k may pump ETH to new 2021 highs.
Resistance level to watch: $4.4k
Support level to watch: $4k and $3.6k
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