ETH Inches Higher Near $1,700 Amid Consolidation

Ethereum price analysis is mildly bullish today. The price opened lower but rebounded quickly to test the session’s highs. Bulls reclaim the $1,700 again following a consolidation of four days. But, further gains still remain a challenge for the buyers as the price retraces a little in the intraday session. As per the analysis, we expect the ETH/USD to continue moving higher and pushing towards the $1,900 mark.

The market has traded in the green over the last 24-hour. As of writing, ETH/USD is trading at $1,668.03, up 3.73% for the day. The 24-hour trading volume of the second largest cryptocurrency by the market cap held near $17,221,139,647 with more than 13% gains.

• ETH price prints fresh gains following four-day of low volatility consolidation mode.
• However, the bulls face strong upside rejection near $1,730 on the daily chart.
• A daily close above $1,680 would strengthen the argument for further upside in the asset.

ETH/USD has been trading in the range of $1,580 and $1,680 since Tuesday with no clear directional bias. However, the formation of higher highs and higher lows on the daily chart chalks out the probability of a higher breakout.

ETH price makes fresh upside moves

On the 4-hour chart, the ETH price formed a ‘flag’ formation from the lows of $1,356.72. Inside the formation, the price peaked at $1,792 on July 29. Since then the price slides into a descending channel. Recently, the price gives a breakout out of the channel. And consolidating near the higher levels.

A retest of the lower trend line while sustaining the 20-day EMA at $1,650 would be confirmation for the continuation of the upside momentum. If that occurs, the ETH price would easily target $1,750 followed by $1,800. Further, the addition of new buyers would prompt the price to scale up to the crucial $1,900 mark in the short term.

On the other hand, a failure to close above $1,680 would weaken the bullish argument

The RSI (14) confidently moves towards the overbought zone while holding above the average line.

On the hourly time frame, the price first consolidated in the $1,680-$1,750 range from July 28 to August 1. Next, the buyers flipped the $1,680 level into a near-term resistance zone as the price entered into another consolidation of $1,580 to $1,680.

Thus, an acceptance above $1,680 is crucial to set the fresh upside directional bias in the pair. As the price is stepping up the lows but the upside is capped. The bulls make a fresh attempt to take over the mentioned resistance level and bring more gains.