Ethereum’s attempt to rally is facing a sell-off at the 20-day EMA ($1,766), but a small upside is that the bulls have not allowed the price to revisit below $1,700. Following a similar path to BTC, ETH posted a significant surge on Friday, ending a three-day losing streak. While ETH has seen a performance decline of more than 10% over the month, it has seen 39% growth so far this year. Subdued crypto price action and lack of bullish reaction to the rate hike pause could be a lingering impact of SEC indictments against exchanges – Binance and Coinbase.
At the time of writing, ETH was trading at $1,752.2.
ETH after making the recent top of $2,146 started trading in a downtrend and the prices plunged to $1,741. Post this move, the asset started consolidating and was trading sideways between $1,775 to $1,900. ETH finally gave a breakout below the range and broke the long-held key support of $1,725 (Horizontal trendline & 200-day Moving Average) and made a low of $1,628. After making the low, the prices witnessed a sharp bounce back and went up to $1,773 and are currently consolidating in a range from $1,700 to $1,755. The asset has support at $1,610 (50% Fibonacci Retracement Level) whereas $1,750 to $1,775 will act as a strong resistance zone for the asset.
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