MEXCEthereum 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.
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