ETHUSD has been ranging on the daily chart. Yesterday’s daily candle came out as a doji candle. The support level where the price had several bounces has still been held. Thus, the buyers have the upper hand than the sellers. However, recent price action has been choppy, which makes the traders wait to find a direction to go with.
Let us have a look at the daily-ETHUSD chart.
The Daily Chart
The daily chart shows that the price had several bounces at the level of 179.50. The level of 202.85 is the level where the price had its latest rejection. The bull might have gone towards the North earlier, but that did not happen. The intraday buyers were not confident enough to drive the price towards the daily resistance. As things stand on the daily chart now, the buyers must wait for a daily candle to close above the level of 202.85 to start going long on the pair.
Let us have a look at the H4-ETHUSD chart.
The H4 Chart
The H4 chart shows that both the support and resistance levels are to be adjusted. The level of 183.65 has the potential to be the level of support, which may end up producing a double bottom. The level of 191.00 may work as resistance here. This will be confirmed upon breakout and pullback. Meanwhile, the buyers shall wait for the price to move forward and make an upside breakout. This may eventually help the daily candle make a breakout on the daily chart as well.
The Bottom Line
The daily chart looks good, and the H4 chart looks even better for the buyers. Considering these, the price may get bullish soon. However, if the price makes a downside breakout, all the equations will be changed. Let us now wait and see what the price does.