Another week in the red. Like Bitcoin, Ether closes a third time in a row in the red weekly. Sellers are in control of the cryptocurrency market right now, but buyers could react. Ecould thereum move back towards $1,770 in the next few days or weeks?
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Ethereum: buyers and sellers agree around $1,650
THE ethereum price closes the week in the red, but buyers and sellers neutralize each other around $1,650. Indeed, after a brief move to $1,730the price is back at the level of 1,650 dollars. Therefore, the price shows a zero performance in a week.
In a monththe price displays a 10.5% decrease. In six monthsthe price of ETH only shows a 5.7% increase. For its part, the pair ETH/BTC stalled for more than a month.
Is ETH able to come back to $1,770?
Buyers recently defended the support at $1,570 weekly. If the buyers pushed, the price could continue to rebound towards the resistance at $1,770.
In the event of a return to the level of this resistance, the price could be rejected. Also, the institutional bias (EMA 9/EMA 18) has just passed bearish. This is a signal of weakness on a weekly basis, as this is the first bearish crossover since the start of the year. The objective of the buyers is to keep the hollow marked at $1,627. A close below would mark a weekly double top.
After experiencing momentum with bottoms and rising tops, the ROI has lately changed dynamic. Indeed, since the development below 50 of RSI, the momentum East fragile. Sellers have their hands on the momentum on a weekly basis, waiting to regain momentum with ascending lows and highs.
Ethereum needs to retake the level at $1,650 as support
The course has recently dropped below from support level to $1,650. Buyers need to react quickly to retake this level as support.
If the buyers push and the $1,650 level is retaken, the price could retrace to the resistance level at $1,730. On the other hand, if the price were rejected, it could return to the level of the next support located at 1,600 dollars. In the event of a bigger drop, the buyers could defend the support at $1,510. The RSI will need to regain momentum with ascending lows and highs for buyers to regain control of short-term momentum.
Weeklybuyers reacted to the level of support at $1,570. If the buyers push, the price could retrace to the resistance level at $1,770. However, the bearish crossover at the level of moving averages 9 and 18for the first time since January, is showing fragility on the course of theETH. In the short term, the price must retake the level at $1,650 to avoid a new downward wave. As cryptocurrencies have fallen recently, Binance boss thinksthere will be a new DeFi boom in the next bull run.
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