Ethereum Makes 12% Jump to Resume Relief Rally

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.

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ETH/USDT 4-hr chart (source: TradingView)

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.

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Jesus Dawal

Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.