NewsletterEthereum Price Analysis: Will ETH Sustain Gains Above $1,500 As Bullish Momentum Slows Down
Ethereum (ETH) price retraced mildly on Tuesday. The price consolidated near the higher levels, which indicates bulls are not giving up easily on the current upside momentum. The sustained buying pressure could result in meeting the $1,700 mark in the coming few sessions.
- ETH price consolidates the gain following the previous session’s spectacular performance.
- Bears could pose a strong challenge for ETH near the $1,700 upside target.
- A break below 20-day EMA on the daily chart would invalidate the bullish argument in the asset.
The 24-hour trading volume rose by 24% at $28,742,954,382 according to CoinMarketCap. As of publication time, ETH/USD is reading at $1,543.33, down 2.46% for the day.
ETH price turns sideways
On the daily chart, the ETH price formed a Drop-base-Rally pattern. This is a bullish signal formation. ETH formed an inside candlestick following a big green one, indicating some consolidation is happening at the higher levels. On the upside, the immediate resistance could be found at $1,680, the high of June 11. A demand zone is located near the $1450 level.
ETH recorded an upsurge of nearly 50% from the lows of $1,005.25 in the past week. The price scaled higher with good volumes, showing great strength and recovery from the recent lows. After refreshing the one-half-year lows in June at $879.80, the ETH price entered a consolidation zone with limited downside movement. The price has appreciated 45% since the beginning of July.
The RSI (14) reads at 67. This indicates the market approaches the overbought market zone.
On an hourly chart, ETH is making higher highs and higher lows. After giving a good impulse move, the price retraces mildly and takes good support near 0.23% Fibonacci retracement. Every time the price tests the 20-day (EMA) Exponential Moving Average, it tends to continue in the upside direction.
On the flip side, if the price breaks below the session low it could move back to the $1,250 mark.
- Ripple Dev Floats Idea Of Native XRP Staking Following ETFs Launch
- Donald Trump Says He Has His Pick to Replace Fed Chair Jerome Powell
- Barstool’s Dave Portnoy Buys Bitcoin, Ethereum, and XRP Following Crypto Crash
- Breaking: Banking Regulator OCC Greenlights Banks To Hold BTC, ETH, SOL, XRP For Gas Fees
- December Fed Rate-Cut Odds Rise Above 50% on Weak Jobs Reports
- Solana Price Prediction – Will the ETF Wave End SOL’s Multi-Week Downtrend?
- Ethereum Price Forms Rare Pattern as Tom Lee Makes Bold Prediction
- Is Dogecoin Price Set for a Recovery as Grayscale ETF Speculation Intensifies?
- Will MOODENG Reach $0.1 and MEW Hit $0.002 After Robinhood Listing?
- What’s Next for Cardano Price After Breaking Below Key Support Level?
- Pi Coin Price Could Jump 30%, But There’s a Catch
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
