Ethereum Price Bullish Breakout Retest Underway, But Can Bulls Pump ETH Again?
Key Takeaways:
Ether’s price is struggling to settle above the 50-day simple moving average.
ETH/USD broke a crucial bearish trend line with resistance near $1,835 on the daily chart.
The price could start a new increase unless a push below $1,760.
NEW DELHI (CoinChapter.com) — Ethereum’s ETH is struggling to gain a pace above $1,920 and $1,940. It performs a bullish breakout retest, but bearish signs are emerging.
Ethereum (ETH) Price Holds Support
Ethereum saw a decent increase from the $1,750 support against the US dollar in the past few days. The ETH/USD pair was able to clear the $1,800 resistance.
Like Bitcoin, there was a decent increase above the $1,820 resistance zone. The bulls pushed the price above a crucial bearish trend line with resistance near $1,835 on the daily chart, initiating a decent uptrend.
However, the price seems to be struggling to settle above the 50-day simple moving average. It also failed to clear the key decline’s 50% Fib retracement level from the $2,146 swing high to the $1,741 low.
Bitcoin is moving lower and seems to perform a bullish breakout retest at $1,840. The first major support is near the $1,840 level. The main support is now forming near the $1,750 level (a multi-touch zone).
A close below the $1,750 level might set the pace for a larger decline. In the stated case, Ethereum may decline toward the $1,640 support in the coming days.
Downside Break?
Conversely, ETH might stay above the $1,840 support zone. An Immediate hurdle on the upside is near the 50-day simple moving average at $1,900. The first major resistance is near the $1,940 level. It could gain bullish momentum if Ethereum climbs above the $1,940 resistance.
The next major resistance is near the $2,000 or 61.8% Fib retracement level of the key decline from the $2,146 swing high to the $1,741 low. A close above the $2,000 resistance might push Ether toward the $2,150 zone. Any more gains could open the doors for a move toward $2,250.
Overall, Ether’s price faces strong resistance near the $1,900 and $1,940 levels. If ETH remains below $1,940 for a long time, there is a risk of a drop below the $1,750 support. On the other hand, the price might start a fresh surge toward $2,000.
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Filed under: Bitcoin - @ June 1, 2023 8:16 am