ETH: Will it Break $1700 Support or Rally Back?

ETH: Will it Break $1700 Support or Rally Back?

Read about the recent breakdown of Ethereum’s support trendline and the potential for a 4.7% plummet in its coin price, as well as the possibility of a reversal from the psychological $1700 level.

Ethereum (ETH) Price Analysis: In the midst of growing uncertainty within the digital currency market, a short support trendline protected the Ethereum (ETH) price from excessive downfall. The coin price bounced thrice from the growing trendline in the last two weeks, indicating the buyers were buying at minor dips to reclaim lost ground. Nonetheless, a sudden downtick in the cryptocurrency market today increased the outflow in Ethereum (ETH) price and breached the support trendline for an extended downfall.

Ethereum (ETH) Price Daily Chart

  • A bearish crossover betwixt the 20-and-50-day EMA may increase selling momentum in the market
  • A breakout over the wedge pattern resistance will signal an early sign of tendency reversal
  • The intraday volume of trading in Ether is $5.5 Billion, indicating a 7.4 percent loss.
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With an intraday loss of 3.35%, the Ethereum (ETH) price shows a decisive breakdown from the support trendline of the 4-hour time frame chart. Losing this support speed up the selling pressure on the Ethereum (ETH) price and projects a whole lot of likelihood of a potential downfall.

The post-breakdown fall may plummet the coin price by 4.7 percent to hit the combined support of $1700 and lower trendline of the wedge pattern. A retest to the support trendline could trigger a new recovery cycle in Ethereum (ETH) price but for a sustained bull run it needs a daily candle closing over the trendline.

A positive  tendency breakout from the resistance trendline will offer a key signal to uptrend resumption and wait for buyers for an entry opportunity.

Will Ethereum (ETH) Price Break Below $1700?

A successful breakdown below the ascending trendline has set the Ethereum (ETH) price downfall to $1700. Nonetheless, this level is accompanied by a support trendline of wedge pattern and 200-day EMA creating a strong demand zone for buyers. Consequently, a higher probability lies in a potential reversal from this psychological level. 

  • Super trend: the trend-defining indicator projecting a red film signifies the sellers regain tendency control.
  • Average Directional Index: An uptick in ADX slope reflects the strength in selling pressure and a higher likelihood of a potential fall.
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