- The price of ETH retested the crucial support level at $1,600 over the past seven days.
- ETH’s latest recovery may present traders with the perfect opportunity to enter into a short-term long position.
- At press time, ETH was worth about $1,722.95 after a slight 0.31% price decrease.
The price of the leading altcoin in terms of market cap Ethereum (ETH), retested the crucial support level at $1,600 over the past week. Bulls were, however, able to defend the key price point, which ultimately resulted in ETH’s price climbing to the closest resistance level at $1,750 in the days that followed.
ETH’s latest recovery may be an opportunity to enter into a short-term long position, especially since multiple bullish technical flags may trigger in the next 24-48 hours. The first bullish flag that investors and traders will want to keep an eye on is the daily RSI line, which was looking to cross above the daily RSI SMA line at press time.
Should these two lines cross within the next 48 hours, ETH’s price may look to move to $1,925 in the next week. The 9-day EMA line was also closing in on the 20-day EMA line at press time. Should these two technical indicators cross, it will signal that ETH has entered into a medium-term bullish cycle. If validated, ETH may soar to as high as $2,700.
On the other hand, if the daily RSI line on ETH’s chart fails to close above the daily RSI SMA line, and ricochets off of the SMA line over the next 24-48 hours, then ETH may look to retest $1,600. If the support level is breached by the crypto’s price, then ETH may plummet to $1,373.5 in the following week.
At press time, CoinMarketCap indicated that ETH was one of the many cryptocurrencies that suffered a loss over the past 24 hours of trading. The altcoin was worth about $1,722.95 after a slight 0.31% price drop. This ended up dragging ETH’s weekly performance back into the red zone at -0.87%.
Meanwhile, ETH’s 24-hour trading volume fell by 0.66%, which left it standing at $3,670,812,987. Since reaching its all-time high of $4,891.70 in November of 2021, the altcoin’s price has slipped by more than 60%.
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