within the range of $1850 to $1700. The crucial indicator for the continuation of an upward trend will be a breakout of the overhead resistance in the ETH price.
Ethereum is gradually increasing above the $1,750 resistance level against the US Dollar. If it manages to surpass the $1,800 resistance zone, ETH could experience a significant rally. Ethereum's price has remained strong above the $1,700 level, forming a solid foundation for a fresh increase. Similar to Bitcoin, ETH has started to move upwards after breaking through the $1,740 resistance zone.
ETH/USD has successfully surpassed the 50% Fib retracement level of the previous downward movement from the $1,801 swing high to the $1,686 low. The current trading price of Ether has surpassed $1,750 and is currently above the 100 hourly simple moving average.
ETH is currently encountering resistance in the vicinity of $1,800. Should the price surpass this resistance level, it could potentially initiate a consistent upward trend. The subsequent significant resistance level would be at $1,850, and any further gains could pave the way for a test of the $1,920 resistance zone in the near future. Ultimately, if the bulls continue to dominate, the price may surge and challenge the $2,000 resistance zone.
Ethereum is currently facing a critical juncture. If it fails to surpass the $1,800 resistance level, it could potentially trigger a downward trend. However, there is hope as an initial support level exists at around $1,750, along with the 100 hourly simple moving average. Should Ethereum experience a further decline, the next major support level is at $1,720, with the main support level at $1,700. If the price falls below this level, it could gain bearish momentum and drop towards $1,665. In the worst-case scenario, further losses could lead to a test of the $1,600 level.
According to price analysis, the market capitalization of ETH is projected at $218,990,408,586. Moreover, the 24-hour trading volume is expected to be $8,773,901,933.
KEY LEVELS :
RESISTANCE LEVEL : $1,820-$1,860
SUPPORT LEVEL : $1,750-$1,700
Over the past two weeks, the price of Ethereum has been fluctuating between the $1850 and $1700 range. A breakout in either direction could provide a new direction for the cryptocurrency. We welcome your thoughts and opinions in the comments section below.
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
