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ETH’s Price Will Likely Retrace Before Another Attempt at $1,700

Published 02/04/2023, 05:19 AM
Updated 02/04/2023, 05:30 AM
© Reuters ETH’s Price Will Likely Retrace Before Another Attempt at $1,700

  • ETH’s price has posted a 24-hour gain of 0.88%.
  • The altcoin’s price broke above $1,700 on 2 February 2023, but retraced shortly thereafter.
  • ETH’s price will need to undergo a medium retracement before it is able to flip $1,700.

The price of the largest altcoin by market cap, Ethereum (ETH), is up 0.88% over the last 24 hours according to CoinMarketCap. ETH’s 24-hour gain has added to its positive weekly performance, which now stands at +3.96%. As a result, ETH is changing hands at $1,655.88 at press time.

Daily chart for ETH/USDT (Source: CoinMarketCap)

The price of ETH was able to break above the key $1,700 level on 2 February 2023 – setting a daily high at $1,714.68. Talks of ETH rallying were quietened shortly thereafter as ETH closed the daily trading session at $1,643.12.

Now, it looks as if ETH’s price is looking to cross above the $1,700 level again. Two technical indicators support this belief.

The first technical indicator is the daily RSI indicator. At press time, the daily RSI line is positioned below the daily RSI SMA line. Although this is a bearish sign, the margin that exists between the two lines is negligible. This increases…

The post ETH’s Price Will Likely Retrace Before Another Attempt at $1,700 appeared first on Coin Edition.

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