Technical Analysis for ETHUSD for 17th August 2022
Ethereum Completes a Retest, will ETH Bulls Reclaim $2k?
Past Performance of ETH
Ethereum remains one of the top performers, gauging from its performance on the daily chart. Even though there were lower lows, the uptrend is defined. The coin, as an illustration, is up nearly 130 percent from the 2022 lows. Based on the candlestick formation in the daily chart, ETH remains in an uptrend as long as prices trend above $1.77k.
Ethereum Technical Analysis
Currently, ETH is stable, and Ethereum is in a bullish breakout formation. Following the contraction from around $2k and expansion earlier today, the coin may have completed the retest phase. Confirmation of today’s gains may see ETH erupt to reclaim $2k in a buy trend continuation formation. A double bar formation, swinging for buyers and unwinding recent losses from around the $1.77k could fuel demand, allowing risk-off traders to capitalize on the arising opportunities. On the flip side, conservative traders can wait for refreshing gains above $2k before reloading, setting sights on $2.5k or better.
What to Expect from ETH
ETH prices could rip higher primarily due to fundamental factors. All the same, how fast this depends on the reaction at immediate support or liquidation lines. Ethereum is within a bullish breakout formation even with the recent rejection of higher highs.
Resistance level to watch: $2.05k
Support level to watch: $1.77k
Disclaimer: Opinions expressed are not investment advice. Do your research.
For more interesting tips and facts visit our Education Centre.
Have Questions?
We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!
Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.