Ethereum price forecast: Will sellers be able to maintain control?
Ethereum price forecast: Will sellers be able to maintain control?
Last week, Ethereum demonstrated that it had broken through the $1,577 support level. Such a break could have signaled the continuation of the bearish trend, but the increased buying pressure resulted in the sellers being weaker.
As the price of ETH was unable to go much lower and found critical support in the area between the 50% and 61.8% Fibonacci retracement levels, a quick reversal took place on the daily chart, which saw the price rise 6.5% over the week to $1,631. This situation is known as a "bear trap" and could lead to increased buying pressure.
At the time of writing, the price of Ethereum amounted to $1,630.60, and the prospects for the asset are explored by analysts at Traders Union.
If the Ethereum pullback is successful, then a new phase of decline may begin with the goal of breaking below the mark of $1,500. In another scenario, if the pullback fails and the trend line is not broken, traders can expect growth to the resistance level of $1,700.
Analysts believe that it is now crucial to monitor these price fluctuations, as the upcoming price movement around these significant support and resistance levels is likely to determine Ethereum's medium-term trajectory.
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