- The price of ETH needs to stay above $1,500 to have a chance to rally higher towards the $1,700 range.
- As the price of ETH plans to approach $1,700, it creates a more bullish bias where the price is likely to face resistance.
- ETH price remains strong holding key support on daily timeframes as it trades above the 50 Exponential Moving Average (EMA).
The Crypto market has had a good run over the past week as the price of Ethereum (ETH) has reached a level that many expect the price to continue to rise as many traders have high hopes for the price increase. The $1,700 range is declining with no sign of Ethereum (ETH) in a possible rally towards $2,000. The crypto market has seen some relief in all assets, but the new week holds mixed feelings, with Ethereum (ETH) declining to its key support. (Data from Binance)
Ethereum (ETH) price analysis on the weekly chart
Last week, many altcoins gained more than 200% in the last 7 days after breaking out of their range-bound movement, as many believe that a lot of hope is returning to the crypto space.
The new week didn’t start like the last as most altcoins started to look shaky, coming off their weekly highs with ETH price suffering a minor price correction above the key support area at $1,550. After $1,500 ETH price showed strength breaking above $1,500 and holding well.
After achieving a weekly close above $1,500, ETH price still looks good despite the recent decline from $1,680.
ETH price to hold above $1,500 for the price to have a chance to rally to the $1,700 range and possibly to the high $2,000; If the price of ETH fails to hold $1,500, we could see a weekly price test of $1,400-$1,300.
Weekly resistance for ETH price – $1,680.
Weekly support for ETH price – $1,400-$1,300.
ETH price analysis on daily (1D) chart
In the daily time frame, the price of ETH continues to look strong as the price could be set to rally towards the high $1,700 after the bulls are moving higher in the chart.
ETH price is trading at $1,590 after experiencing a slight decline in ETH price; The price is trading above the 50 EMA, which is a good sign of relief for the ETH price in the daily time frame.
Daily resistance for ETH price – $1,680.
Daily support for ETH price – $1,450-$1,400.
Featured Image From zipmex, Charts From Tradingview