- Ethereum price is currently seen at $1,613.49, a 12.5% jump in the last 24 hours..
- ETH has established support from $1,500-$1,610.
- The $1,650 price ceiling remains impregnable.
The massive selloff has proven short-lived, as most cryptocurrencies are now back at relief-rally levels. In fact, Ethereum made an impressive 12% jump, confirming a solid support zone at $1,500 – $1,610.
As witnessed in the chart above, ETH is now changing hands at a relatively stable range just above $1,500. This was not an easy feat to accomplish. As a matter of fact, there were at least two red candles during the steep rise back to the support zone.
At the time of writing, ETH is trading at $1,613.49, according to CoinGecko. As mentioned above, this is a huge jump of 12.5% in the last 24 hours and an increase of 5.6% in the last 7 days.
However, the chart shows that ETH has been rejected again right below the $1,650 line. This is very important because it reflects that bulls are unable to breach this perceived ceiling convincingly for almost two weeks in a row.
This may suggest that smart money is not really in ETH right now. It is either traders are just waiting for a perceived top in this relief rally before they sell their positions eventually, or there is not enough steam to keep this short-term rally going. Whichever the case, there are not enough signs at the moment to suggest that this is a bull trap.
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