Although Ethereum and altcoins are seeing some gains following the relief rally, many technical indicators indicate that this downtrend could be coming. The Federal Reserve could ease the tightening of rates if there are weak economic data. This could stop Ether’s downward bias in the dollar market. The price of Ether is currently trading at a 7-day increase of 3.51%, but is mostly range bound.
At the time this article was written, ETH was trading for $1,186.
Chart of Ethereum (ETH) Prices
After closing in the red for 11 consecutive weeks, ETH finally gave a green weekly close last week. The asset gained support at $860, and soared nearly 45% to $1280 from its low of $881. The price range for ETH is $1,250-$1,050 on a daily basis. ETH faces stiff resistance at $1.275 (Horizontal Trendline, 20-Day Moving Average). To further rally, it must close above $1.275 and maintain that level, while $1,025 or $860 will provide strong support.
Support 2Support 1AssetResistance 1Resistance 2$860$1,025ETH$1,275$1,550
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