Ethereum’s price has reached a key resistance level following the recent rebound and rally from the $1100 area. The short-term price action of ETH now depends on the reaction to this key level.
On the daily timeframe, the price has finally reached the higher boundary of the large symmetrical triangle after consolidating for a couple of weeks.
The price tested the $1800 level and the higher trendline of the triangle yesterday but has been rejected. Yet, there is still a considerable probability for the price to break through the mentioned resistance area, which could lead to a rally toward the $2400 mark.
However, in case a bearish pullback occurs, the 50-day and 200-day moving averages could provide support around the $1450-$1500 range, respectively.
Looking at the 4-hour chart, the price has been rejected from the higher boundary of the triangle with high precision. Currently, the market is testing the $1680 level, which has turned into support after being broken to the upside.
In case the $1680 level fails to hold the price, the $1500 range would be the next likely target for a deeper pullback.
The RSI indicator, which has signaled a potential rejection with a clear overbought signal, is still showing values above 50, demonstrating that the bulls are still in control, and a bullish continuation may be the more probable outcome.
However, the current structure can change drastically if the RSI drops below 50 and the price breaks the $1500 level to the downside. In this case, a deeper decline toward the $1350 support level would be expected.
The post ETH Soars 10% Weekly, is $2K Imminent? (Ethereum Price Analysis) appeared first on CryptoPotato.
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