Ethereum’s ETH faced a key rejection near $1,280 before it dipped to $1,000. It is now recovering and seems like the bulls are aiming a push to $1,450.
This past week, Ethereum climbed above the $1,200 level against the US Dollar. The ETH/USD pair eve broke the $1,250 resistance zone and the 50 simple moving average (4 hours, blue).
However, it faced a strong rejection near the $1,280 resistance zone (a multi-touch zone). A high was formed near $1,280 and the price started a fresh decline. There was a sharp move below the $1,170 level and the $1,130 support.
A low was formed near $997 and the price is now correcting losses. There was a move above the $1,100 resistance zone. Besides, there was a clear move above a major contracting triangle with resistance near $1,130 on the 4-hours chart.
ETH/USD climbed above the 50% Fib retracement level of the key decline from the $1,280 high to the $997 low. More importantly, there was a close above the 50 simple moving average (4 hours, blue).
It is now facing resistance near the $1,170 zone or the 61.8% Fib retracement level of the key decline from the $1,280 high to $997 low. A clear move above the $1,170 resistance could send the price towards the $1,280 resistance.
Any more gains might open the doors for a move towards the $1,450 resistance. It represents the 1.618 Fib extension level of the key decline from the $1,280 high to the $997 low. If there are more upsides, the bulls are likely to aim for a test of the $1,500 barrier.
Conversely, ETH’s price might fail to clear the $1,170 resistance zone or $1,200. In the mentioned case, the price could start another decline below the $1,130 support. The next major support is near $1,080 and the triangle lower trend line. A close below $1,080 may perhaps call for a test of $1,000.
Overall, ether price is eyeing an upside break above the $1,170 resistance zone. If the bulls succeed, the price could accelerate higher towards the $1,450 resistance zone in the coming days. Conversely, there might be a fresh drop to $1,000.
International hedge fund Millennium Management has disclosed nearly $2 billion in spot Bitcoin ETF holdings…
Binance, the world’s largest cryptocurrency exchange, has developed a new algorithm to tackle "address poisoning."…
Venture capital firms invested more than $1.02 billion in the crypto sector in April, showing…
Thirteen years ago, Greg Schoen made a notorious decision. On May 17, 2011, he sold…
Reddit's stock RDDT jumped 15.90% in the week ending May 17, with investors picking their…
Here is the top crypto news of the day curated by CoinChapter.com.