Ethereum Struggles To Trade Above $1,650 Again, Is $1,750 Possible For Bulls?
07 Novembro 2022 - 1:25PM
NEWSBTC
ETH’s price needs to stay above $1,500 for the price to have
a chance to rally high to a region of $1,700. ETH’s price
continues to trend, creating a more bullish bias as the price aim
for $1,700, where the price could face resistance. ETH’s
price remains strong, holding key support on the daily timeframes
as the price trades above the 50 Exponential Moving Average (EMA).
The crypto market had a good run in the previous week as the price
of Ethereum (ETH) leveled up to the expectations of many holding
out for the price to continue in its uptrend as many traders looked
with so much hope of the price rallying to a region of $1,700 with
no sign of Ethereum (ETH) slowing down with a possible rally to
$2,000. The crypto market has seen some relief across all assets,
but the new week holds mixed feelings, with Ethereum (ETH) dropping
toward its key support. (Data from Binance) Related Reading: Solana
Plunges 12% – Is FTX Selling Its SOL To Defend FTT? Ethereum (ETH)
Price Analysis On The Weekly Chart The previous week saw many
altcoins produced over 200% gains over the past 7 days of breaking
out of their range-bound movement, as many believe more hope is
returning to the crypto space. The new week hasn’t kicked in like
the last as most altcoins have begun to look shaky, dropping off
from their weekly highs, including the price of ETH suffering a
minor price retracement back to a region of $1,550 just above its
key support area of $1,500 after the price of ETH has shown
strength breaking above $1,500 and holding up pretty well.
After having a weekly close above $1,500, the price of ETH still
looks good despite dropping from its high of $1,680 recently, with
so much hype for ETH to rally back to the region of $2,000. The
price of ETH needs to hold above $1,500 for the price to have a
chance of a rally to the region of $1,700 and possibly to a high of
$2,000; if the price of ETH fails to hold $1,500, we could see
price retesting weekly support of $1,400-$1,300. Weekly
resistance for the price of ETH – $1,680. Weekly support for the
price of ETH – $1,400-$1,300. Price Analysis Of ETH On The Daily
(1D) Chart In the daily timeframe, the price of ETH continues to
look strong as the price could be set to rally to a high of $1,700
after bulls keep pushing higher in the chart. The price of ETH
trades at $1,590 after suffering a minor setback in the price of
ETH; the price trades above the 50 EMA, which indicates a good
relief sign for ETH’s price on the daily timeframe could be poised
for a major breakout if prices close above $1,650 after facing
rejection to trend higher. Daily resistance for the ETH price
– $1,680. Daily support for the ETH price – $1,450-$1,400. Related
Reading: Users Flee FTX? Exchange Sees 47% Drop In On-Chain Balance
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