Conclusion for today’s Ethereum analysis:
Price closing above ~246 is bullish for Ethereum price.
Ethereum price analysis for today is carried out using a log scale on the Daily timeframe. A candlestick chart is used with price action displayed from the January 2018 to current date.
The previous bearish trendline in Ethereum is indicated on the chart prior to a successful break above its upper boundary in March 2019. The bullish swing also since December 2018 is also represented with the use of a bullish trendline.
Resistance for Ethereum price is currently marked between 307.08 and 363.74, with the latter representing a price level where a change of polarity can be observed on the Daily timeframe. In essence, the 363.74 price level will be key to watch and will be important for future price development.
A break below the Daily timeframe bullish trendline that lasted over 6 months implies bearish implications. Adding to the current bearish bias is also a consolidation of price just below the trendline. However, the 200 Day moving average (MA) plotted on the chart offers support for Ethereum price, as well as the upper boundary of support between 188.81 and 167.64.
As a result, price moving to the upside from 200 Day moving average and price capturing closing above ~246 will argue for a bullish bias in Ethereum.
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