The price of Ethereum about the US dollar is battling to rise past the $1,700 barrier. If it continues to trade below $1,700 and $1,720, ETH may experience another fall.
This past weekend I have seen a-lot of comments about the price action of $XEN . Here are my thoughts on whats going on:
— The Verse 🟧🦇🟦 (@TheVerse369) August 7, 2023
- Ethereum is having difficulty regaining ground above $1,700 and $1,720.
- The price is trading below both the 100-hour simple moving average and the $1,700 mark.
- On the hourly chart of ETH/USD (data feed through Kraken), a significant bearish trend line is developing with resistance located close to $1,680.
- If the pair continues to trade below $1,700 shortly, another fall may begin.
Ethereum Price Consolidates Below $1,700
In the $1,520 region, the price of ethereum began to rise. Similar to Bitcoin, ETH was able to rise above the $1,550 and $1,580 marks.
Ethereum Price Analysis: ETH Consolidates Below $1,700; Is Correction Waiting?
The Ethereum price analysis shows a lackluster movement for the day. As the price continues to slide in a very narrow trading range for two consecutive sessions. pic.twitter.com/ABgJ2nxK7Y
— IEARN BOT (@IearnBot) July 30, 2022
But the price is finding it difficult to rise over the $1,700 and $1,720 levels. It is currently retracing 23.6% of the recovery wave from the $1,517 swing low to the $1,716 high and going lower. On the hourly chart of ETH/USD, a significant bearish trend line with resistance near $1,680 is also developing.
The 100-hourly simple moving average, or close to $1,690, will be the next obstacle. The $1,700–$1,720 area is where the first significant resistance is building. A close above $1,720 could signal the beginning of a respectable rise in the near future. Near the $1,750 mark, there is the next significant obstacle. In the following days, any more advances might push the price up into the $1,820 resistance level or possibly $1,880.
Another Drop in ETH?
Ethereum may begin a new drop if the $1,700 level is not overcome. The first area of support for the downside is close to $1,620, which corresponds to the 50% Fibonacci retracement level of the recovery wave from the $1,517 swing low to the $1,716 high.
#Bitcoin bottom was in?
— Sativa.eth (@sativaeth) August 19, 2023
The $1,600 area serves as the first significant level of support. More losses can occur if the price breaks lower on the downside than $1,600. Near the $1,565 support level is the next significant level of support. The price may soon move toward the $1,520 mark if there are any additional losses.