Ethereum Price is close to the main technical level, which was an obstacle to the rising price movement. According to the recent technical analysis, the resistance area raised these previous repercussions, and analysts warned that the other failure in a fracture may lead to a declining correction. Altcoin is traded within a convergence channel, a pattern usually associated with homosexuals. While some analysts remain optimistic about a potential recovery, others warn that the next step may push the price of ETH to a decrease, targeting major support of $ 1700.
Analysts warn of the potential ETHEREUM price to $ 1700
According to a recent analysis, Ethereum Price is approaching the resistance area at $ 2,200. This level coincides with the upper limits of a convergence channel. Technical analysts consider this style a decline. Price movements inside the channel showed the highest levels and lower lower, indicating the declining pressure.
MADWHALE encryption analyst subscriber A chart shows Ethereum trading near this critical resistance. The previous reactions with this level led to downward repercussions. The analyst suggests that failure to break this area may lead to a 13 % decrease. The expected goal is 1700 dollars, which was the previous support.
More than that, another analysis shows that Eth/btc currently The critical support zone test was the last time it was seen in late 2020, which increases the possibility of reflecting the direction after years of decline. This technical preparation, along with the high future factors, indicates the open attention of 10.23 meters, with an increasing possibility of apostasy.
Technical indicators support a declining look
The ETHEREUM price scheme also shows twice the bullish momentum. A top round pattern is formed near the resistance. This technical composition indicates low purchase pressure. Size analysis reveals that trading activity is not consistent, with a decrease in participation during recent gains and a larger size during the decreases.
Its highest levels on the daily chart supports a possible continuation of the landing. These are typical in the homosexuals. Traders are advised to monitor the signs of increased pressure pressure. Confirmation of rejection, such as the pattern of landing candles or the high sales volume, can enhance the case for a decrease of about $ 1700.
According to the average spacing medium rapprochement (MACD), ETH currently shows signs of declining momentum as the MACD line approaches an intersection of a rise with the signal line. In the event of this intersection and supported by increasing the graphic bars, it can indicate a potential recovery of the high prices.
An alternative scenario: The analyst expects the Saudi goals
While the homosexual indicators continue, some market monitors maintain a positive vision. The beneficiary has briefed the analyst three potential emerging price goals. According to his analysis, if the upper part of Altcoin holds support near $ 1980, a short -term gathering may occur. Its primary goal is 2,296 dollars, which reflects a possible increase in more than 15 %.
The goals of the additional upward trend include $ 2,913 and $ 4000. These expectations assume that the current support carries and transformations of momentum for buyers. The analyst’s view of restoring ETHEREUM prices depends from its lowest levels and restore previous levels. This scenario would challenge the declining narration if it is confirmed by increasing size.
At the time of the press, The encryption is trading At $ 1,999.75, on the occasion of 1.20 % over the past 24 hours. Despite the high prices, the trading volume decreased sharply by 37.37 %, indicating a possible difference.
Ronnie Mogndi
Ronny Mugendi is a four -year experienced encryption journalist, as he contributed greatly to the various media in cryptocurrencies and technologies. With more than 4000 articles published through various media, it aims to inform, educate and introduce more people in the Blockchain world and Defi. Outside his career in the press, Rooney has a bicycle riding and exploring new paths and landscapes.
Responsibility: Is market research before investing in encrypted currencies? The author or post does not bear any responsibility for your personal financial loss.
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