Ethereum price analysis: ETH/USD seeks refuge at a very key price of $638, the next move could be big
- Ethereum is down 2.5% on Tuesday but managing to find support at the key price of $638.
- A breach of mentioned support could open doors back towards $300 territory. Resistance seen at $708 and $735.
The Ethereum price is seen nursing losses of 2.5% on Tuesday, continuing the soft performance for this week so far. In terms of the current price behavior, it remains within consolidation mode, given the large rally higher of 90% observed over within just over 3 weeks.
Since attempting to break back above the long-running ascending trend line, ETH/USD has found it difficult resuming a firm ground in moving higher. The initial trend line was of strong support throughout its run from mid-2017 until Jan 2018.
ETH/USD on the daily time frame remains bullish for now, with the MACD still demonstrating a bullish bias. However, some vulnerabilities can be seen within the short-term, should support at $638 give way to the bears. This could see the price retrace the recent rally over the past 3 weeks. Resistance is seen at the 100DMA $708, then as mentioned, just above at the ascending trend line, tracking at $735
ETH/USD daily chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
