- 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.
Disclaimer: The views and opinions in this article belong to the writer alone and they do not necessarily reflect the position of CryptoNewsLand (CNL). No information in this article, whether expressed or implied, should be taken as financial advice. Remember that investing in cryptocurrency poses significant risks to your asset. Hence, CNL strongly recommends all readers perform their own in-depth research before investing in cryptocurrency.
Recommended News :
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
