Ethereum Price Analysis: ETH Retests Breakout Channel Near $1,680; Time To Buy?

The Ethereum price analysis indicates some profit booking around the $1,750 level. The price appreciated 33% for the past three sessions. Further, it seems bulls failed to capitalize on the build-up upside momentum. ETH made lower highs as compared to Thursday, this bothers ETH buyers a little. However, the current candlestick is within the previous green candlestick, which suggests a consolidation. The second largest cryptocurrency by market cap holds the 24-hour trading volume at $26,312,328,497 marginally lower at 3.54%.

• ETH price edges lower on Friday as profit booking emerges near the higher level.
• A decisive break above $1,800 could bring more gains toward the $2,000 psychological level.
• However, a daily candlestick below $1,650 would dent the bullish hope in the asset.

ETH price set to mark another sideways movement

ETH price trades lower amid consolidation and profit booking in today’s session.  The price holds near the highs of June 10, thus forming a resistance zone around $1710. The price had given a breakout of a bullish flag and pole pattern with more than average volumes, indicating bullishness.

Recently, the ETH price was very volatile, with multiple Dojis formations near the $1,680 level. But, the reversal from swing lows, pushed ETH to give a breakout from its consolidation pattern. Currently, the price is moving sideways consolidating in a range near the higher level.  Accumulation near higher indicates bullish sentiment might be brewing up. 

A sustained buying pressure would push the price toward the higher trajectory would for the psychological $2,000 level

Alternative Scenario: 

Conversely, a shift in the bearish sentiment might put a question on the bullish outlook on the asset. If the price closes below $1,650 on a daily basis this would result in meeting the lower target of $1500 once again.

As of writing, ETH/USD is trading at $1,678.99, down 2.84% for the day.

Conclusion: – 

The ETH price analysis reveals a neutral to a bullish bias. The momentum oscillator portrays mixed signals on the daily chart. A confirmation is needed before placing fresh buying bids.