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Ethereum Price Analysis: ETH Basks Above $1,700 as Bulls Gather Volume Ahead of $2,000

Ethereum price analysis shows that the pair confidently broke through the $1,700 barrier. ETH/USD is consolidating with higher lows as the weekend sets in. The critical resistance at $1,700 is now well below the current price and shows that the bulls are firmly under control. However, the sellers are not giving up their power easily as the pair is unable to break above the $1,750 barrier.

Source: Coin360

The weekend can see volumes drop and there will be a tough battle between bulls and bears. The 20-day exponential moving average is sloping upwards and shows confidence in the current price rise. Ethereum price analysis further shows that technical indicators favor bulls on hourly charts. if the price closes above $1,700 over the weekend, there may be another strong rally towards the $1,890 level first and then towards $2,000.

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Ethereum price movement over the past 24 hours: ETH sits firmly above $1,700

Ethereum price analysis shows that the current rally supported by the Federal Reserve’s interest rate hike continues well into the weekend. Hourly charts show muted price action taking over the charts. If volumes fall sharply and bears enter the scene, there may be a move towards $1,590. Bears can step in to close out short positions and day traders can also take profits over the weekend.

eth usd 1d
Source: Trading View

Another strong bounce from the bearish pulldown may increase the possibility of a slowdown towards $1,500. The 20-day EMA is holding well near the $1500 level and the pair may drop towards $1280 in case market sentiment turns negative.

ETH/USD 4-Hour Price Chart: Technical Indicators Support Further Recovery

Ethereum price analysis indicates that at the $1,750 price level, day traders are taking profits. Thus, the price stagnates at $1,700 and moves sideways. The last three days saw the price surge towards 33% and the bulls made decent profits. However, the buyers need to hold the gains and create new bullish momentum.

eth usd 4h
Source: Trading View

Ethereum is making higher lows on the hourly charts. It displays that the power density supports the higher price. A minor consolidation can swing the price between $1,700 and $1,640. Profit booking emerged near $1,740 and the rise towards $1,800 is still a far-fetched scenario. The RSI at 70 shows that the pair has steady bullish winds below to support the bullish move.

Ethereum Price Analysis Conclusion: Buyers in Wait and Watch Mode

A large daily green candlestick is all the signal bulls could need over the weekend. A sharp rise can see prices soon exceed $1,800. Such a rise may lighten the spirits, as ETH/USD may soon reach a psychological level of $2,000.

According to Ethereum price analysis, the pair needs to end the sideways movement over the weekend or else the bears may soon bring $1,650 back. A strong resistance zone is emerging near the $1,720 price level. Any macroeconomic news from the weekend can also push prices higher. For now, the breakout past the pole pattern shows that the bulls are in control of Ethereum’s price analysis well.

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