Ethereum and other altcoins along with BTC are witnessing some gains after the fresh relief rally but a lot of technical indicators suggest that this downtrend might be around the corner. From the macroeconomic perspective frail economic data could push the Federal Reserve to relax the tightening of the rates. This could very well stop the downside bias for Ether in the dollar market. The price is ETH is trading at a 7 day increase of 3.51% and mainly range bound.
At the time of writing, ETH was trading at $1,186.
ETH, after closing in the red for eleven consecutive weeks, finally managed to give a green weekly closing last week. The asset took support at the crucial level of $860 and surged almost by 45% up to $1,280 from the low of $881. Currently, on a daily time frame, the prices are moving in a narrow range from $1,250 to $1,050. ETH is facing stiff resistance at $1,275 (Horizontal Trendline and 20 Day Moving Average). Hence, to further rally it needs to close and sustain above $1.275 whereas $1,025 and $860 will act as strong support for the asset.
|Support 2||Support 1||Asset||Resistance 1||Resistance 2|
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