During the past few days, ETH has maintained its $1,450 support level, fluctuating around the price area. However, the coin may exceed $1.7k if it breaks the $1.6k barrier level. The coin down surged to almost $1,450 support area before the trendline went bullish again.
ETH Market Action/Price High Support
ETH is currently trading at $1,595.70 in the marketplace. An upsurge of approximately 6% was recorded in the past 24 hours. ETH’s price is currently above $1.5k, and maintaining its SMA is a good signal for whales, traders, holders, and investors.
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Judging from the past few day’s analysis, ETH went beneath the $1.5k area level after dropping and experiencing a little bear. However, the coin soared, and bullish action was activated soon after the bear. The coin exceeded the new $1.45k level with a hundred hourly SMA.
However, a bullish trendline developed around the $1.45k level, causing the coin to bull up again on the charts. ETH price currently exceeds the $1.5k zone, posing a resistance level. 50% Fibonacci retracement level will pull the price from $1,622 to beneath the $1,500 price zone.
If the market price goes beneath the $1,500 level, the $1,450 support would be activated. A clear upsurge from the zone will make it above or close to the $1,700 price area zone. This prediction may happen anytime soon. ETH investors, buyers, whales, and holders may make astronomical highs again.
Although, resistance is being formed at the $1,580 area. The 76% Fibonacci retracement level may bear the price from $1,622 to $1,465.
Before the ETH market price can exceed $1.7k, the $1.6k barrier zone must be broken. A breakout area is being formed at $1,620; a bull trend that surpasses the area will cause a spike.
Once the spike happens, the $1.7k price area will become a supporting area. Once the $1.7k support is activated, the coin is on the brink of making a $1,800 zone.
Possible Indications of Bear and Loss in ETH Market Place
According to cryptocurrency experts and predictions, there are possible signs and indications of a bearish trend. Despite the look of bullish trends and possibilities, the bearish trend may likely set in.
If Ethereum’s price does not rank above the $1,450 support level with a good hourly small moving average. The coin price may downtrend; if the trendline goes below the $1,450 support level, the price to crash back to the $1,200 to $1,400 level.
Although, the ETH marketplace seems bullish, judging from the movement in the last seven days. However, investors and buyers must be careful and alert if a bearish trend reversal sets in.