Ethereum Price Analysis: Is Upside Exhausted Near $1,700?

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Expert Predicts Ethereum (ETH) Entry Points For Retail, Institutions, Hedge Funds

The Ethereum price analysis shows the price extended the previous week’s sideways movement. The ETH/USD pair opened higher on Monday but failed to sustain follow-through traction. The second largest cryptocurrency by market cap moves in tandem with BTC. At the time of writing, ETH/USD is exchanging hands at $$1,675, down 0.25% for the day.

  • ETH slides in range-bound movement with no meaningful action.
  • The price remains supported near the $1,600-$1,630 zone.
  • The 24-hour trading volume rose 25% at $16,574,298,181.

ETH price traded higher on Friday as the bulls are back in action, but faces rejection near the higher level on weekend. The price had given a good breakout from its ‘Flag & Pole Pattern’. The price is near the highs of June 10, thus, facing resistance that was earlier acted as support. However, the volumes are also declining after giving a breakout, indicating that the price might ignore any bullish sentiment as of now.  

ETH looks for a breakout

Source: Trading view

The daily chart shows ETH’s price faces a strong resistance hurdle near $1,750. ETH formed a bullish Flag and pole pattern and gave a breakout from $1,602 levels. After making a recent swing high the price is coming to retest breakout level, which is 50 points more down from its current levels. 

Source: Trading view

On the hourly time frame, the price on July 28 gave a breakout with a big bullish candle along with good volumes. With an acceptance above $1,705, we can expect good momentum on the higher side. In that case, the bulls would approach $1,800.

On the other hand, if the price fell below $1635, then we can expect a fall of around $1565. 

ETH’s price after giving a good impulse move is now taking a retracement on the lower time frame, indicating a sideways to the bullish trend.  ETH is bullish on all time frames. Above $1,705, we can put a trade on the buy side. 

Alternative Scenario:  If the price started to go below $1635  amid a shift in bearish sentiment with good volumes, then we can put a trade on the sell side. 

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