Ethereum Bulls Rally Above $1,500, But ETH Could Face A Tough Time Here
- 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)
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
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.
Featured Image From zipmex, Charts From Tradingview
