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Ethereum Technical Analysis: Horizontal Support Pays Off

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Ethereum, which tried to close above the $ 1700 resistance last week, failed to succeed, losing its strength and retreating. Ethereum, which started the decline from the $ 1700 level to the $ 1560 level, continues to be hopeful for its investors by rising above the averages again with the purchases from here. If we evaluated last week, ETH, which consolidated between $ 1719 and $ 1558, finished the week with a decrease of 2.42%. Yesterday, Ether, which started the day at $ 1594, closed at $ 1642 with a rise of 2.95%.

Ethereum, which started at the $ 1641 level, is trading at $ 1635 with a decrease of 0.38% at the time of writing.

Ethereum Technical Analysis: Horizontal Support Pays Off
Ethereum Technical Analysis: Horizontal Support Pays Off 10

Ethereum Chart Analysis

Last week, like Bitcoin, Ether continued to experience pullbacks when it could not break its resistance. Hopes continue in Ethereum, which closed on both EMA21 and EMA5 with the purchases on the week’s last trading day. In ETH, above the daily averages, the $ 1700 levels are seen as the first resistance to come again. In case of possible pullbacks, the $1632 EMA5 and $1624 EMA21 levels are our first support points.

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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