Ethereum Tests Key Resistance Zone as Rebound Momentum Faces Crucial Test
Summary
- The outlet said ETH is still trading inside a descending channel and has yet to reclaim its 100-day and 200-day moving averages.
- ETH rebounded sharply to $1,800 after defending the $1,500 support level, and $2,000 to $2,150 was identified as the most important resistance zone.
- If buyers successfully defend the $1,750 to $1,800 range, the likelihood of a further rise toward $1,900, the 0.618 Fibonacci retracement level, would increase.
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Ethereum has extended its recent rebound and entered a key resistance area that could help determine its next move, according to CryptoPotato.
The cryptocurrency-focused outlet wrote on June 16 that ETH remains within a descending channel on the daily chart and has yet to reclaim its 100-day and 200-day moving averages.
Still, ETH has shown constructive price action after defending support at $1,500 and rebounding sharply to $1,800, it wrote.
CryptoPotato identified $2,000 to $2,150 as the most important resistance zone.
The 100-day moving average sits within that range, making it a likely obstacle for buyers.
The outlet added that the current rebound remains valid as long as ETH holds the $1,500 support level.
On the four-hour chart, ETH recently climbed to $1,830, the 0.5 Fibonacci retracement level of the latest decline, before undergoing a pullback.
CryptoPotato said that if buyers successfully defend the $1,750 to $1,800 range, the chance of a further advance toward the next target near $1,900, the 0.618 Fibonacci retracement level, would increase.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
