- Ethereum price hovers 20% above the 200-Week Moving Average.
- A retest of the historical barrier has not yet occurred.
- A successful retest and rally signal could send the ETH price as high as $2,800.
Conversations have all but disappeared surrounding the historical technical indicator that was on every crypto newsfeed this summer. This article aims to reignite the conversation about the 200-Week Moving Average (WMA) as the Ethereum price will need a stable floor to land on before another bull run can occur.
Ethereum price could retest $1260
Ethereum price managed to hurdle back above the 200 WMA on July 16 after three failed attempts stifled breakout bulls' ambition. The 4th attempt was the catalyst to a 67% recovery rally as Ethereum topped out at $2,030 on August 14.
Ethereum price currently auctions at $1,592. 200-WMA hovers 20% below the current market value at $1,2563. Investors may want to consider keeping one in the chamber as the retest of the barrier has not yet occurred.
A classic retest-and-rally signal from the historical barrier could be the next Ethereum bull run that could rally as high as $2,800. If the ideal scenario presents itself, the invalidation level should be below the June 18swing low at $881.
In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market. -FXStreet Team
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