While the Bitcoin price witnessed a minor consolidation, the Ethereum(ETH) price lost more ground this week and tumbled to yearly support of $1721. However, the altcoin is bullish on the weekend and may retest the breached $1900 support to validate further downfall.
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Key points:
- The ETH chart shows a straight-eight red candle on the weekly time frame chart
- The $1700 support fallout would slump ETH price to $1600 support
- The intraday trading volume in the Ethereum is $11.4 Billion, indicating a 26.3% loss
Source- Tradingview
The Ethereum(ETH) price has experienced a consistent downfall for the past eight weeks, showcased by the eight red candles on the weekly chart. On May 9th, the altcoin lost the last quarter button support of $2300, suggesting a resumption of the prevailing downtrend.
The post-retest rally tumbled the ETH price by 18.5%, which took a breather at $1900 support. For nearly two weeks, this support stalled the ongoing downtrend teasing a potential pullback. However, the increasing selling pressure pulled the altcoin below the $1900 mark on May 26th.
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After establishing a new lower low of $1721, the ETH price reverted 5% to retest the potential resistance levels ahead, such as $1800, $1900, and a descending trendline.
A bearish reversal from these resistances could potentially breach the $1800 support and hit the next significant support at the $1600 mark.
Technical indicator-
Despite a falling price action, the MACD indicator rises with a bullish crossover between the signal and the MACD line. This buy signal may bolster the bullish pullback to the overhead trendline.
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The enlarged gap between the ETH price and the fast-moving 200-day EMA suggested aggressive selling in the market. However, an expected bullish pullback in price may face ample supply pressure at aligned resistance of 20 EMA and descending trendline.
- Resistance level- $1800, and $1800
- Support level- $1700 and $1600
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