ETH Hovers Near $1,700; What’s Next?

Ethereum price analysis indicates sideways movement with a neutral bias. The price is consolidating after retracing from the highs of $1,791 in the previous trading session. But, it is interesting to note that the bulls hold vital support at around $1,680.

Bulls gathered momentum around the psychological $1,700 level and are preparing to push toward $1,800 in the next few sessions.

Ethereum price shows signs of consolidation as it makes multiple consecutive top formations. This retracement could be a building block for the next leg-up in the second largest cryptocurrency.

• Ethereum edges lower from the second straight session.
• The price consolidates in a short-term range of $1,590-$1,760 in the last 10-day.
• A daily candlestick above $1,800 will sustain further gains in ETH.

ETH price trades lower

On the daily chart, the Ethereum price is taking a round of support near the ascending trend line. The bullish trend line from the lows of $879.80 acted as a support for the ETH buyers.

The rectangle formation, where the upside is capped near $1,818 and the downside is capped around $1,590 indicates the consolidation near the higher levels. However, the lows are rising inside the channel while the highs are declining. On moving higher, the bulls would meet the first upside target at $1,800. Additional buying pressure could push the price toward the high of May 31 at $2,015.54.

The RSI (14) fell below the average line on Monday and hovers near 57. Any uptick in the indicator would advocates for the upside price movement.

On the other hand, a break below the bullish slopping line would invalidate the bullish outlook in the pair. In this scenario, the price would test the $1,400 horizontal support zone.

On the hourly time frame, the ETH price is struggling near the $1,690 level. This also coincides with the 20-day exponential moving average.

If the bulls manage to hold above the session’s low then we could expect a bounce back toward $1,720 followed by the high of the previous session at $1,800.

Also read: https://coingape.com/breaking-heres-when-vitalik-buterin-thinks-ethereum-eth-merge-to-priced-in/

However, a gain in the bearish momentum amid sustained selling pressure could drag the price further lower for the day.

The interim support is plying near $1,640. We expect the price to consolidate in a range of $1,640 and $1,720.

As of publication time, ETH/USD is exchanging hands at $1,695, down 0.44% for the day. The 24-hour trading volume is held at $16,858,056,100  with a gain of more than 6%. This indicates lower volatility over the last 24 hours.