- ETH needs to stay above $1,500 to give the price a chance to rally higher towards the $1,700 area.
- ETH price trend continues, creating more bullish bias as the price targets $1,700, where the price could face resistance.
- ETH price remains strong, holding key support on the daily time frame as price reaches 50 . is above exponential moving average (EMA).
The cryptocurrency market had a good run last week as the price of Ethereum (ETH) met the expectations of many, with many traders anticipating a price move in line with the bullish sentiment. There is no sign of Ethereum (ETH) in the $1,700 area, which is slowing down with a potential rally towards $2,000. The crypto market has seen some respite across all assets, but the new week has mixed sentiments, with Ethereum (ETH) falling towards its key support. (data from Binance)
Price Analysis on Ethereum (ETH) Weekly Chart
Several altcoins posted gains of over 200% over the past week after exiting their range-bound movement in the past 7 days, as many believe more hope is returning to the crypto space.
The new week hasn’t started like the last as most of the altcoins have started to look volatile, falling from their weekly highs, which includes a minor price retracement in ETH price, just above its key support area in the $1,550 area. I have returned. After $1,500 ETH price broke above $1,500 and is holding very well.
After closing weekly above $1,500, ETH price is still looking good despite its recent decline from highs of $1,680, there is so much hype for ETH to rally back towards the $2,000 area.
ETH price needs to hold above $1,500 in order for the price to rally towards the $1,700 area and possibly higher levels of $2,000; If ETH price fails to hold $1,500, we could see a retest of the weekly support at $1,400-$1,300.
Weekly resistance for ETH price – $1,680.
Weekly support for ETH price – $1,400-$1,300.
Price Analysis of ETH on Daily (1D) Chart
On the daily time frame, ETH price is looking strong as the price could be set for a rally towards the $1,700 high after pushing the bulls higher on the charts.
ETH price trades at $1,590 after a minor setback in the price of ETH; Price trades above the 50 EMA, which indicates a good relief signal for ETH price on the daily time frame, if prices close above $1,650 after facing rejection for a higher trendline. Be prepared for a major breakout.
Daily resistance for ETH price – $1,680.
Daily Support for ETH Price – $1,450-$1,400.
Featured Image From zipmex, Charts From Tradingview