ETHUSD has been in a range in the daily chart. It seems that the price does not know where to go. Thus, daily traders need to be patient here. The daily price action shows that the price has been held by a level of support. Let us have a look at the daily ETHUSD chart.
The ETHUSD Chart
The level of 227.95 was a level of resistance earlier. After the breakout, the price did come back to the level and had a bounce twice. It had a bounce today as well as far as the intraday chart is concerned. If today’s price keeps going towards the upside and today’s daily candle ends up being an engulfing daily candle, it would attract the H4 buyers again to go up to the last highest high. Let us have a look at the H4 chart and find out what it has for the buyers.
The H4 Chart
The level of 278.70 seems to be a level of support where the price had a bounce in the H4 chart. Moreover, it seems that the level has the potential to be the support of a double bottom. The neckline lies at the level of 302.30. If the level of 302.30 gets breached by an H4 candle, the price would head towards the level of 354.90 with good bullish momentum.
The Bottom Line
Considering the daily chart, it can be said that the level of 227.95 is holding the key. The buyers do want the level to remain intact and be held by the price. On the other hand, the sellers would love to get a daily candle to breach the level so that they can start going short on the ETHUSD. Considering all the equations, a downside breakout might not take place and get engaged the sellers to start selling ETCHUSD soon.