Ethereum (ETH) Price Struggles At $1,540; Is $1,700 Still Realistic For Bulls?

  • ETH’s price slowed down after showing so much strength as it rallied to a high of $1,600 but got rejected as the price maintained downward.  
  • ETH might experience a retracement if its price is above the support zone. This will keep sellers away with the hope of a rebound. 
  • ETH’s price remains strong on the daily timeframes as the price trades above the 50 Exponential Moving Average (EMA).

The price movement of Ethereum (ETH), which rose from $1,260 to $1,650, was remarkable. However, it faced a rejection back at its support level of approximately $1,500. This is where the bulls tried to keep sell-offs. All assets have seen some relief, but the crypto market is seeing Bitcoin (BTC), showing great momentum, rallying and dragging all other assets. Most investors and traders have been more cautious due to the uncertainty surrounding crypto markets. Data from Binance

Ethereum (ETH), Price Analysis on The Weekly Chart

Altcoins continued to see over 2000% growth in recent weeks, despite breaking away from their range-bound movements. Many believe that more hope is now settling in crypto. 

Many altcoins are still struggling to perform well in the new week. Bitcoin (BTC), prices are struggling to keep up with the Federal Open Market Committee’s (FOMC), which is scheduled to prevent BTC prices falling below expectations. 

Ethereum’s (ETH) price has had a great run but has faced a setback in rallying past the high of $1,600 to a region of $1,700, as anticipated by many. The price for Ethereum (ETH) rose above $1,500 after the weekly close. It then reached $1,640. A minor rejection caused it to fall to $1,700.

The price for ETH remains strong above the $1,500 support, which is crucial to keep this area from selling.

Weekly resistance for the price of ETH – $1,640.

Weekly support for the price of ETH – $1,500-$1470.

The Daily Price Analysis of ETH (1D) Chart

Source: EthereumUSDT on| Source: ETHUSDT On

The daily price of ETH is strong. Bulls are trying to maintain the price above $1,470 as a support area. They also provide strong support that will keep sellers away.

ETH is currently trading at $1540. It’s just above its daily support. After rallying several times from the region to a high point of $1650, it was then rejected. 

The price for ETH has held above $1,430. This corresponds with the 50 EMA value, and acts as a strong support zone. This region could hold, which would lead to more rallies for ETH price.

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

Daily support for the ETH price – $1,430.

Featured Image from zipmex. Charts by Tradingview

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