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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Ethereum Bulls Rally Above $1,500, But ETH Could Face A Tough Time Here

Ume Habiba
Ume Habiba
10 months ago
3 mins read
Ethereum

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  • ETH’s price shows strength as it bounces from a downtrend range with high volume, aiming for a rally to $1,700.
  • ETH faces a major issue to trend and holds higher above $1,500 after the price broke out of its downtrend descending triangle price movement.
  • ETH’s price remains strong on the daily timeframe above the 50 Exponential Moving Average (EMA) as the price aims for more rallies.

The price of Ethereum (ETH) has continued to hold strong as price trends toward the region of $1,700 as the price faces a key issue ahead of a big move, considering how tough breaking above $1,450 has been for the price of Ethereum after moving in range for several weeks. The past few days have seen the crypto market has looked more decent, with the likes of Bitcoin (BTC) and Ethereum (ETH) showing some great price movement in recent times. With ETH price rallying from $1,300 to a region of $1,580 as price aims to outperform BTC in the coming days ahead of its monthly close. (Data from Binance)

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Ethereum (ETH) Price Analysis On The Weekly Chart

In recent times, Ethereum has struggled to regain its bullish momentum; despite the uncertainty that has befallen the crypto space, the price of ETH hasn’t enjoyed a measure of relief following the post “Ethereum Merge.” Before the merger, the price of ETH soared from a weekly low of $900 to a high of $2,030.

ETH’s price has struggled to replicate such a rally, with the price falling from that high to a low of $1,260 in recent weeks.

After trading in a range for weeks as the price continued its monotonous move from $1,260 to $1,300, ETH finally showed some movement, rallying to a high of $1,580 after closing strong above $1,370 on the weekly chart.

The price of ETH faces a difficult decision to rally to a high of $1,700, as this could trigger further upside movement to the $2,000 range. With ETH’s structure and the crypto market overall looking positive, we could see more rallies for ETH’s price to break $1,700.

Weekly resistance for the price of ETH – $1,642-$1,700.

Weekly Support for the price of ETH – $1,350.

Price Analysis Of ETH On The Daily (1D) Chart

Daily ETH Price Chart | Source: ETHUSDT On Tradingview.com

In the daily timeframe, the price of ETH continues to trade below the key resistance at $1,640. After breaking out from its descending triangle, 

The price of ETH needs to break and hold above $1,640 for the price to trend higher to a region of $1,700 and possibly $2,000, which is a key supply zone for most traders. 

The Fibonacci retracement (Fib) value of 50% indicates ETH has earlier had a rejection which the price is trying to overcome. The price of $1,620 corresponds to the Fib value of 50%. If the price of ETH closes above this level, we could see a rally to $1,700, which is the exact value for 61.8% Fib value acting as a strong rejection zone.

Daily resistance for the ETH price – $1,640-$1,700.

Daily Support for the ETH price – $1,450.

Related Reading

Ethereum Price Holds Strong at $1,500: A Strengthening Case for Upside

1 year ago
Featured Image From zipmex, Charts From Tradingview
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Ume Habiba
Ume Habiba

Ume Habiba

Ume Habiba is a seasoned crypto writer with over 3 years of experience having a deep understanding of cryptocurrencies, Fintech, blockchain, web3, crypto market analysis, predictions, and more. Her 3 years journey as a crypto writer includes the contribution to NewsBTC, Coinlen, and BTCpolitan along with some PR crypto projects.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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