Ethereum price analysis shows that the pair has broken past the $1,700 barrier confidently. The ETH/USD pair is consolidating with higher lows as the weekend sets in. The $1,700 critical resistance is now well below the current price and shows that the bulls are in firm control. However, the sellers are also not giving away their power easily as the pair is unable to move past $1,750 barrier.
The weekend can see volumes dip and there will be a tough battle between the bulls and the bears. The 20-day exponential moving average is sloping upwards and shows the confidence in the current price rise. The Ethereum price analysis further shows that the technical indicators are favoring bulls on the hourly charts. if the price closes above $1,700 over the weekend, there can another sharp uprise towards $1,890 level first and then towards $2,000.
Ethereum price movement in the last 24 hours: ETH sits firmly above $1,700
Ethereum price analysis shows that the current rally backed by the Federal Reserve interest rate hike is going well into the weekend. The hourly charts show muted price action taking over the charts. In case volumes drop sharply and the bears enter the scene, there can be a movement towards $1,590. Bears can enter the scene to close short-positions and day traders can also book profits over the weekend.
Another strong rebound of the bearish pulldown can increase the possibility of a downturn towards $1,500. The 20-day EMA is holding well near $1,500 level and the pair can sink towards $1,280 in case the market sentiment turns negative.
ETH/USD 4-hour price chart: Technical indicators support further rally
Ethereum price analysis indicates that at $1,750 price level, the day traders are booking some profits. So, the price is stalling at $1,700 and moving sideways. The past three days has seen the price rise towards 33 percent and bulls have made decent profits. However, buyers need to maintain the gains and create further upside momentum.
Ethereum is making higher lows on the hourly charts. It displays that the volume power is supporting the price higher. Minor consolidation can make the price hover between $1,700 to $1,640. Profit booking emerged near $1,740 and the rise towards $1,800 is still a far-fetched scenario. The RSI at 70 shows that the pair has consistent bullish winds underneath to support the bullish movement.
Ethereum price analysis conclusion: Buyers in wait and watch mode
A large green daily candlestick is all the signal that the bulls may need over the weekend. A sharp move upwards can see the prices touch above $1,800 soon. Such a sharp uprise can lighten up the spirits can ETH/USD can soon witness $2,000 psychological level.
As per Ethereum price analysis, the pair needs to end the sideways movement over the weekend otherwise bears can bring in $1,650 level soon. There is a strong resistance zone emerging close to the $1,720 price level. Any macro-economic news over the weekend can also drive the prices higher. For now, the breakout beyond the pole pattern shows that the bulls are well in control of the Ethereum price analysis.
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Source: https://www.cryptopolitan.com/ethereum-price-analysis-2022-07-29/