Ether has been in a correction phase for the past few days. The shorts pulled the price below the 50% Fibonacci retracement of the $1,755 level on 10 June, but the bulls stopped the collapse while defending the strong support at $1,700.
The bulls will try to start a relief rally that could touch the 20-day SMA ($1,835). This is an important level to watch out for as a break and close above it would indicate that the ETH/USDT pair could remain in a range between $1,700 and $2,000 for some time.
Conversely, sellers will try to halt the recovery and pull the price down below the $1,700 support level. If they are successful, the pair could start the next correction. There is a small support at $1,600, but if it fails to hold, the pair could fall to $1,352.
The 4-hour chart shows that the bulls have previously strongly protected the $1,700 level and they may try to do so again. Buyers will have to cross the barrier of the moving averages in order to start a sustained recovery, which could see the price rise to $1,920.
Conversely, if the price falls from the current level or the moving average, the shorts will try again to drop the pair below $1,700. If they succeed, the sell-off could accelerate and the pair could retest $1,352.
The bulls will try to start a relief rally that could touch the 20-day SMA ($1,835). This is an important level to watch out for as a break and close above it would indicate that the ETH/USDT pair could remain in a range between $1,700 and $2,000 for some time.
Conversely, sellers will try to halt the recovery and pull the price down below the $1,700 support level. If they are successful, the pair could start the next correction. There is a small support at $1,600, but if it fails to hold, the pair could fall to $1,352.
The 4-hour chart shows that the bulls have previously strongly protected the $1,700 level and they may try to do so again. Buyers will have to cross the barrier of the moving averages in order to start a sustained recovery, which could see the price rise to $1,920.
Conversely, if the price falls from the current level or the moving average, the shorts will try again to drop the pair below $1,700. If they succeed, the sell-off could accelerate and the pair could retest $1,352.