• Ethereum’s price has seen a spike with Bitcoin’s rise, reclaiming levels it lost after the collapse of the FTX exchange.
• The bulls maintain significant dominance but prefer to remain low-key for now, leaving ETH in a state of consolidation.
• Technical indicators are signaling a buy, with the ADX & RSI displaying bullish divergence and MACD flashing a buy signal.
Ethereum Makes a Comeback
Ethereum has recently seen a surge, marking levels close to $1700 following an increase in Bitcoin’s price. This rebound helped the second-largest crypto reclaim the lost levels it experienced after the collapse of the FTX exchange earlier this year. Despite this upswing, bears are still wary and have kept ETH in a state of consolidation for now.
Signs Point towards Buy?
Technical indicators such as ADX & RSI have displayed bullish divergence along with MACD flashing a buy signal, indicating that Ethereum may enter into decisive phase soon. However, there is resistance at $1700 that needs to be broken before ETH can make further gains. In case of any bearish reversal, there is strong support between $1650 – $1550 that may help prevent further losses.
Will Ethereum Break Through Resistance?
It appears that Ethereum will remain consolidated for some time before attempting to break through resistance at $1700. As buying pressure increases and approaches this critical level, investors will be waiting to see if ETH can make substantial gains above this point or if it will succumb to bearish forces once again.
Dominance Stays Steady
The dominance rate has not fluctuated much either despite Ethereum’s recent upswing which could mean that its short-term trend is likely to remain range bound for sometime longer before breaking out from its current narrow trade pattern.
Is Now A Good Time To Buy?
Although technical signals indicate an upcoming surge in price, investors should consider all factors before taking action as it remains unclear whether or not Ethereum will eventually make it above $1700 or succumb back into bear territory once again.