MEXCEthereum Price Analysis: Is Upside Exhausted Near $1,700?
The Ethereum price analysis shows the price extended the previous week’s sideways movement. The ETH/USD pair opened higher on Monday but failed to sustain follow-through traction. The second largest cryptocurrency by market cap moves in tandem with BTC. At the time of writing, ETH/USD is exchanging hands at $$1,675, down 0.25% for the day.
- ETH slides in range-bound movement with no meaningful action.
- The price remains supported near the $1,600-$1,630 zone.
- The 24-hour trading volume rose 25% at $16,574,298,181.
ETH price traded higher on Friday as the bulls are back in action, but faces rejection near the higher level on weekend. The price had given a good breakout from its ‘Flag & Pole Pattern’. The price is near the highs of June 10, thus, facing resistance that was earlier acted as support. However, the volumes are also declining after giving a breakout, indicating that the price might ignore any bullish sentiment as of now.
ETH looks for a breakout
The daily chart shows ETH’s price faces a strong resistance hurdle near $1,750. ETH formed a bullish Flag and pole pattern and gave a breakout from $1,602 levels. After making a recent swing high the price is coming to retest breakout level, which is 50 points more down from its current levels.
On the hourly time frame, the price on July 28 gave a breakout with a big bullish candle along with good volumes. With an acceptance above $1,705, we can expect good momentum on the higher side. In that case, the bulls would approach $1,800.
On the other hand, if the price fell below $1635, then we can expect a fall of around $1565.
ETH’s price after giving a good impulse move is now taking a retracement on the lower time frame, indicating a sideways to the bullish trend. ETH is bullish on all time frames. Above $1,705, we can put a trade on the buy side.
Alternative Scenario: If the price started to go below $1635 amid a shift in bearish sentiment with good volumes, then we can put a trade on the sell side.
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