Ethereum: Support or resistance, which level will price break past?
The price rejection at the $2,128 resistance level sank Ethereum to the $1,774 support level on 12 May, ushering a bearish trend on the lower timeframes. This subsequently saw ETH oscillate between the $1,774 support and $1,924 resistance levels with neither bears nor bulls possessing the required momentum to break either level.
ETH’s ranging activity could continue due to prevailing market conditions and price trading at the mid-range of $1,848, as of press time. The on-chart indicators showed neutrality, as buyers and sellers continued to evaluate their positions. The Relative Strength Index hovered above and below the neutral 50 mark, since 6 June. It stood at 47, as of press time to highlight the market’s neutral position. The On-Balance Volume maintained its linear movement, while the Chaikin Money Flow hovered just above the zero mark with a slightly positive reading of +0.03.
A retest of either support or resistance level could yield significant results for bears or bulls, as both levels have been tested multiple times. A break below $1,774 will see bears push for $1,718. On the flip side, a break above $1,924 will see bulls push for the key $2,000 level.
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