Ethereum [ETH]: $1750-$1950 area could be tricky to navigate for b...
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.has, as some Twitter denizens like to say, “melted faces” over the past week as the asset surged from the range lows to post an impressive 50% gain in just under a week.
Another thing to note was the steady downtrend in recent months, especially in April. In June, the price formed a range , which Ethereum has broken out of in the past few days of trading. This added credence to the idea of a range formation. The recent breakout saw ETH add nearly $300 from the range highs. The width of the range was also close to $300 so a minor pullback could materialize.
The On-Balance Volume has also been on the march northward. A level of resistance from June was broken in the past week. This pointed toward the likelihood of further gains for ETH on the back of hefty demand.