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
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