- ETH price forms strong support above $1,500 as price eyes a rally to a region of $1,800 to $2,000
- ETH holds above $1,600 as the price continues to move in a range as it forms a descending triangle with a breakout to the upside more likely
The price of Ethereum (ETH) in recent times has seen more price rally than Bitcoin (BTC) as the price of ETH continues to hold pretty well above the $1,600 area that corresponds to the 200 Exponential Moving Average acting as support for the price of ETH.
Ethereum has found its price stagnated for the past few days in the region of $1,540 to $1,630 as the price hasn’t shown much firepower as it should in recent days. The price action of Bitcoin (BTC) in the past few days hasn’t been encouraging as it continues to move in a range affecting the price movement of ETH.
With the price of BTC filling its CME gap, the price showed great price action as the price of Ethereum rallied from a region of $1,570 to a high of $1,640 before retracing to $1,609.
The Bitcoin CME gap is the variation in the price at which Bitcoin futures contracts are traded between the market’s opening on Sunday and its closing on Friday.
Ethereum (ETH) Price Analysis Of The Four-Hourly Chart
The price of ETH continues to show some great price actions in recent weeks, rallying from a region of $1,260 to a high of $1,670 before facing resistance to breaking higher to a region of $1,800.
Ethereum’s price remains good, holding above $1,600, acting as a key region of interest from many buy orders. At the point of writing, the price of ETH trades at $1,606 as the price forms a descending triangle with a high chance of breaking out to the upside.
If the price of ETH breaks to the upside, there are high chances of price retesting the region of $1,800 to $2,000, where the price could face a major resistance to trade higher.
Major ETH Resistance – $1,800 – $2,00
Major ETH Support – $1,500 – $1,600
Image from Analytics Insight, chart from Tradingview