Sunday, May 19, 2024

Ethereum (ETH) Price Struggles At $1,540; Is $1,700 Still Realistic For Bulls?

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  • ETH’s price slowed down after showing so much strength as it rallied to a high of $1,600 but got rejected as the price maintained downward.  
  • ETH could suffer retracement as the price holds above the key support area, holding the price off from sellers with hopes of a rebound. 
  • ETH’s price remains strong on the daily timeframes as the price trades above the 50 Exponential Moving Average (EMA).

Ethereum (ETH) showed some incredible price action as the price rallied from a low of $1,260 to a high of $1,650 before facing a rejection back to its key support of around $1,500, where bulls had tried to hold sell-offs. The crypto market has enjoyed a bit of relief across all assets, with Bitcoin (BTC) showing great traction, rallying and dragging the market. With so much uncertainty in the crypto market, most traders and investors have maintained more caution this time. (Data from Binance)

Ethereum (ETH) Price Analysis On The Weekly Chart

The past week has seen many altcoins continue to produce over 200% gains over the past 7 days of breaking out of their range-bound movement, as many believe more hope could be settling into the crypto space once more. 

The new week looked different, as many altcoins have yet to run well. Bitcoin (BTC) prices have struggled to stay afloat ahead of the scheduled Federal Open Market Committee (FOMC) to hold off BTC prices from losing going lower than expected. 

Ethereum’s (ETH) price has had a great run but has faced a setback in rallying past the high of $1,600 to a region of $1,700, as anticipated by many. After its weekly close of above $1,500, the price of ETH rallied to a high of $1,640; the price faced a minor rejection to break higher to a region of $1,700.

The price of ETH has maintained a strong outlook above its crucial support form at $1,500, determined to defend this region from sellers.

Weekly resistance for the price of ETH – $1,640.

Weekly support for the price of ETH – $1,500-$1470.

Price Analysis Of ETH On The Daily (1D) Chart

Daily ETH Price Chart | Source: ETHUSDT On

In the daily timeframe, the price of ETH continues to be strong as bulls try to hold the price above its key support zone at $1,470, forming strong support to hold off the price from sellers.

ETH currently trades at $1,540, just above its key support on the daily timeframe after successfully rallying from this region several times to a high of $1,650 before being rejected. 

The price of ETH continues to hold above its support of $1,430, which corresponds to the value of 50 EMA, acting as a good support area for prices. If this region holds, we could see more rallies for ETH prices.

Daily resistance for the ETH price – $1,640.

Daily support for the ETH price – $1,430.

Featured Image From zipmex, Charts From Tradingview

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