Analytics / Forex and Crypto News
Ethereum's price failed to gain a foothold above the level of $1800. After the price reached a high of $1932, it began a correction. And at the time of publication, the ETH/USD pair is trading along with the level of $1800. Despite this, the ETH/USD pair continues to trade above the 100-hour moving average.
The pair formed a range this week, limited by the support level around $1715 and the resistance level around $1945.
If the ETH/USD pair manages to rise above the $1800 level, the price could push the price towards the level of $1850. After which we will see the beginning of a new bullish rally.
If the ETH/USD pair fails to rise above the $1800 resistance level, a downside breakout may be attempted. In this case, the level of $1740 will play the role of immediate support.
Key support is in the $1710 and $1700 area. If the ETH/USD pair falls below these levels, it may begin a strong decline to the level of $1650.