Ethereum Enters Key Resistance Zone That Could Determine Whether Rebound Continues
Summary
- CryptoPotato said Ethereum (ETH) remains inside a descending channel and below its 100-day and 200-day moving averages.
- The outlet said the rebound remains valid as long as the $1,500 support level holds, and identified $2,000 to $2,150 as the key resistance zone.
- It also said that if ETH successfully defends the $1,750 to $1,800 range, the chances of a further rise toward $1,900, near the 0.618 Fibonacci retracement level, would increase.
Forecast Trend Report by Period
Ethereum has extended its recent rebound and entered a key resistance area that could determine its next move, CryptoPotato reported.
The cryptocurrency news outlet said on June 16 that ETH remains inside a descending channel on the daily chart and has yet to recover its 100-day and 200-day moving averages.
Still, the token showed positive price action after defending support at $1,500 and rebounding sharply to $1,800.
CryptoPotato identified $2,000 to $2,150 as the most important resistance zone.
The 100-day moving average sits in that range, making it a major hurdle for buyers.
As long as ETH holds the $1,500 support level, the current rebound remains valid, the outlet added.
On the four-hour chart, ETH recently rose to $1,830, the 0.5 Fibonacci retracement level of its latest decline, before undergoing a pullback, according to the report.
If buyers successfully defend the $1,750 to $1,800 range, the chances of a further rise toward $1,900, near the 0.618 Fibonacci retracement level, would increase, it said.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.