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- ETH’s price needs to stay above $1,500 for the price to have a chance to rally high to a region of $1,700.
- ETH’s price continues to trend, creating a more bullish bias as the price aim for $1,700, where the price could face resistance.
- ETH’s price remains strong, holding key support on the daily timeframes as the price trades above the 50 Exponential Moving Average (EMA).
The crypto market had a good run in the previous week as the price of Ethereum (ETH) leveled up to the expectations of many holding out for the price to continue in its uptrend as many traders looked with so much hope of the price rallying to a region of $1,700 with no sign of Ethereum (ETH) slowing down with a possible rally to $2,000. The crypto market has seen some relief across all assets, but the new week holds mixed feelings, with Ethereum (ETH) dropping toward its key support. (Data from Binance)
Ethereum (ETH) Price Analysis On The Weekly Chart
The previous week saw many altcoins produced over 200% gains over the past 7 days of breaking out of their range-bound movement, as many believe more hope is returning to the crypto space.
The new week hasn’t kicked in like the last as most altcoins have begun to look shaky, dropping off from their weekly highs, including the price of ETH suffering a minor price retracement back to a region of $1,550 just above its key support area of $1,500 after the price of ETH has shown strength breaking above $1,500 and holding up pretty well.
After having a weekly close above $1,500, the price of ETH still looks good despite dropping from its high of $1,680 recently, with so much hype for ETH to rally back to the region of $2,000.
The price of ETH needs to hold above $1,500 for the price to have a chance of a rally to the region of $1,700 and possibly to a high of $2,000; if the price of ETH fails to hold $1,500, we could see price retesting weekly support of $1,400-$1,300.
Weekly resistance for the price of ETH – $1,680.
Weekly support for the price of ETH – $1,400-$1,300.
Price Analysis Of ETH On The Daily (1D) Chart
In the daily timeframe, the price of ETH continues to look strong as the price could be set to rally to a high of $1,700 after bulls keep pushing higher in the chart.
The price of ETH trades at $1,590 after suffering a minor setback in the price of ETH; the price trades above the 50 EMA, which indicates a good relief sign for ETH’s price on the daily timeframe could be poised for a major breakout if prices close above $1,650 after facing rejection to trend higher.
Daily resistance for the ETH price – $1,680.
Daily support for the ETH price – $1,450-$1,400.
Featured Image From zipmex, Charts From Tradingview
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Image and article originally from www.newsbtc.com. Read the original article here.