ETH drops to a critical support level, stable since mid-March. Can bulls depend on it again?
Will the $1700 support hold again?The larger price action since mid-April chalked a descending channel with an orange mid-range. The initial BTC drop to $25k on 5 June saw ETH drop from the range high of $1915 to $1778, near the mid-range.
The second BTC drop to $25k over the weekend saw ETH drop again from near the range high to the mid-range. If sellers don’t crack the mid-range, ETH could rally to the range high of $1825 or $1850. If that’s the case, buying at the mid-range level could offer a good risk ratio, targeting the range high . The next resistance level above the descending channel is $1935.
A session close below $1,700 will invalidate the aforementioned bullish thesis. Such a downswing could push ETH to the range low or $1500, offering more gains to short-sellers. Meanwhile, the RSI retreated to the lower ranges while OBV declined since mid-April, reinforcing the underlying dip in buying pressure and demand for ETH.
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