The bulls are struggling to hold levels and several altcoins including ETH have taken advantage of range-bound trading by surging as much as 10%. Ether, the most sought after altcoin, has jumped by 6.13% with a swell in volume by more than 23%. The US stock markets are trying to stabilise after the August 26th carnage. Meanwhile, Ether fell down from the 20-day EMA ($1,638) suggesting that the sellers are in control. But now bears could not sustain it long enough which meant there was buying in dip. ETH is also attempting a battle to go above the overhead resistance of $1700.
At the time of writing, ETH was trading at $1,572.
ETH after making the recent high of $2,030 witnessed a sharp correction and the prices fell almost by 29% and made the weekly low of $1,422. Post this move, the asset is showing signs of recovery but with low volumes. ETH can face stiff resistance around $1,700 to $1,750 (Horizontal Trendline & 20 Day Moving Average). Once these resistances are broken, the prices may further surge up to $2k mark. ETH has strong support at $1,500 and $1,275. RSI has consistently been around 50 over the past week or so, indicating a neutral stance for the asset.
|Support 2||Support 1||Asset||Resistance 1||Resistance 2|
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