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 is facing a serious issue in trend and remains higher than $1500, after breaking out of the downtrend descending triangle 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 Ethereum (ETH), price continues to trend toward $1,700. That is a significant issue considering the difficulty of breaking through $1,450 for Ethereum’s price after it has moved within a narrow range over the past few weeks. These past days, the crypto market looked better with Ethereum (ETH), and Bitcoin (BTC), showing great price movements in recent weeks. With ETH’s price rising from $1300 to $1,580 in recent days, the market hopes to surpass BTC over the next few days before 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 for several weeks in a range as the price moved monotonously from $1,260 to 1,300, ETH finally started to show some movement. It rallied to a high $1,580, after close strong over $1,370 on its weekly chart.

The price of ETH will have to decide whether to rise to $1,700. This could lead to further upward movement towards the $2,000 mark. 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.

The Daily Price Analysis of ETH (1D) Chart

Source: ETHUSDT On| Source: ETHUSDT On

The daily price of ETH trades below $1,640 as its key resistance. The descending triangle has been broken. 

To trend higher, the price of Ethereum must hold above $1640. This would allow it to move to a range of $1700 to $2,000 which would be a crucial supply area for traders. 

Fibonacci retracement value (Fib), 50% means that ETH had an earlier rejection, which is what the price is trying overcome. This corresponds to 50% Fib value. The $1620 price is the exact equivalent. If ETH’s price closes higher than this, it could lead to a rally up to $1700. This is the value of 61.8% Fib value, acting as a 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

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