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Ethereum Fails Near Key Resistance – Why $1,700 Represents The Key

Beginning a rebound wave, Ethereum accelerated above the $1,850 resistance mark. The price has been steadily rising above $1,880 and the 100 hourly simple moving average.

The price rose beyond the 50% Fib retracement level of the crucial slide from the swing high of $2,015 to the low of $1,735. The price of Ether even rose beyond $1,900, but bears remained aggressive near the $1,920 resistance mark.

The price fought to stay above $1,900. It came up against sellers near the 61.8% Fib retracement level of the crucial slide from the swing high of $2,015 to the low of $1,735 on Friday.

As a result, the price fell sharply below the $1,850 support level. On the hourly chart of ETH/USD, there was a breach below a strong bullish trend line with support near $1,800. Ether’s price plummeted and even fell through the $1,750 support level.

It’s now consolidating losses above the $1,700 resistance level. On the upside, $1,780 serves as an early resistance level. The next key resistance levels are around $1,800 and $1,820. A clear break over the $1,820 resistance level might signal the start of a solid comeback. In the above scenario, the price could rise to $1,850 again. Any further advances might pave the way for a push towards $1,900.

If Ethereum fails to break through the $1,820 barrier level, it may continue to fall. On the downside, $1,720 serves as an initial support level.

Near the $1,700 level, the next big support is found. A decisive break below $1,700 might set off a big sell-off. $1,660 might be the next big support level. Any further declines could push the price closer to $1,550 in the near future.

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