Ethereum Technical Analysis: $1700 Still Remains Resistance

Ethereum, in second place behind the leading cryptocurrency Bitcoin, rose above the $ 1700 level with the rise it experienced yesterday but could not continue this rise and fell back below the $ 1700 resistance. Today’s news flow on the Ethereum side. Today, ETH developers are preparing to launch the Shapella upgrade, the final step before the main net upgrade, on the Goerli test net. Ethereum’s Shapella upgrade is expected to happen today. ETH, which started the day at the $ 1680 level, saw the highest $ 1784 and closed the day at $ 1704 with an increase of 1.47% with the pullback.

Ether, which started at the $ 1704 level, is trading at $ 1679, with a decrease of 1.45% at the time of writing.

Ethereum Chart Analysis

Ethereum, which could not exceed $ 1700, managed to recover the losses it experienced in the decline it had been experiencing for three weeks in just three days. ETH, which rose to $ 1700 again, rose to $ 1784 with the complex purchase experienced yesterday but could not maintain this rise and fell back below the $ 1700 resistance level. Ethereum, where the $1700 level is still the most significant resistance, may face selling pressure if it fails to break this level up. In possible pullbacks, the $1638 EMA5 and $1595 EMA21 levels are our first support levels to follow.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when deciding.

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