Ethereum Price Analysis: ETH Extends Consolidation Above $1,650; Is $1,900 In Offer?

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CoinGape
9w ago2022-08-03

Ethereum price analysis shows that ETH price rebounded swiftly from the lows of $1,590 and sustained the gains in today’s session.  The price moves in a familiar pattern, which is a bullish channel. As the price find support near the higher lower and bounced back. This increases the probability of the continuation of the short-term upside momentum.

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The current price action might turn in the favor of the bulls if it follows the previous trend. It is expected that the price could retest the swing high at around $1,730. Further, sustained buying pressure could flip these levels for forming new highs.

  • ETH price edges higher following four-day of declines.
  • The formation of a green candlestick near the crucial support zone $1,590  indicates the bull’s presence.
  • A daily candlestick above $1,700 would further confirm the uptrend in the asset.

ETH price moves north

Source: Trading view

ETH’s price has been trading in a range from $8,80 to $1282 starting from June 13 for a month. On July 16, the price gave a breakout from the range, and start making higher highs and higher lows on a daily basis.  Further, ETH finds good support at 20-day EMA after a minor correction, indicating underlying bullish sentiment.

ETH’s price after giving an impulse move from $1,350 to $1,790, takes a retracement from a higher level to the 50% Fibonacci level, which is at $1,567. 

The daily chart shows ETH’s price formed a strong support zone near $1,550. Whereas the upside is capped near $1,680.  Now, if the price is able to close above $1,680, with good volumes then we can expect a good to bullish momentum up to the highs at $1,800. Next, the bulls would aim for the psychological $1,900 mark.

On the flip side, an acceptance below the session’s low would be a treat for the ETH sellers, targeting $1,400

Source: Trading view

On the hourly time frame, ETH traded in a downside channel. Recently, ETH price formed a higher low, indicating the emergence of buying near the lower levels. A probable reversal in the coming few sessions.  In addition, the price is forming Bullish Flag and Pole patterns and is trading in a flag range. A fresh buying bout would result in a breakout on the higher side. 

In that case, the first upside target could be found at around $1,760 followed by $1,800.

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The second largest cryptocurrency by market cap is trading at $1,657 with nearly 2% of gains as of writing. The 24-hour trading volume stands at $17,939,026,204, down 12.67% , according to CoinMarketCap data.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.