Ethereum price analysis: Too many barriers ahead and bulls have no enthusiasm to cross the bridges; ETH tops China's crypto index list
|- ETH bulls have a task at their disposal.
- China launched crypto index, ETH topped.
Ethereum price has a difficult time balancing itself in the days ahead as various technical parameters on various timelines suggest there are enough barriers around for the second largest crypto to be able to find its feet on the ground and it won't be anytime soon before it manages to fly beyond $800.
ETH/USD is up more than 1 percent on Sunday at $704 and around day's high of $709. A quick look at various timeline technical indicators suggests ETH has resistances at $710, $720 and then biggest of them at $780 and ETH bulls will need more than just a momentum to cross past all of these at one go.
Solace for the bulls is the fact that it has supports in the range of $650 and $680. So, the range for next few days remains to be $650 on the downside and $720 on the upside in a momentum trade and $780 maximum unless some positive development breaks it out of this range.
Among the new that matters, as reported earlier by us, Ethereum tops the index created by China that ranks cryptocurrencies based on innovation, technology. (Read here)
ETH/USD 60-minute chart:
ETH/USD 480-minute chart:
ETH/USD 360-minute chart:
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