Price movements in the cryptocurrency market Cryptocurrency has weakened as traders began to take profits after the biggest drop since early June.
Amid speculation about what drove the recent rise, the price of Ethereum (ETH) has stalled after a week of rally. And leading analysts warn of short-term declines. and will be followed by a surge on September 19 when mainnet Merge takes place.
After hitting a high of $1,620, Ether’s price returned to its low of $1,463 before climbing above its $1,500 support.
A slight drop in Ether is a positive development, according to market analyst Rekt Capital, whopostAn image that highlights the importance of the weekly close above $1,300 and subsequent higher moves.
“Even if #ETH continues to rise to reach the orange area above But lowering before may be better. The retest at the bottom orange area increases the likelihood of a possible move up to the $1,700 level in the near future.”
Watch out for the sharp drop at 1,200.
A Twitter user alias Team Lambo posted a photo showing a clear rejection at $1,630, followed by a 10% drop.
$ETH update the same we expected as well, it got rejected off the top and fell almost 10%
Now the bigger correction will come below 1440$ and almost certainly will see a sharp drop towards 1200$ so keep on waiting for that move for. #Ethereum #eth #ETHUSDT pic.twitter.com/7ZT7MrLp2O
— Team LAMBO | Telegram
(@TehLammbox) July 21, 2022
CryptoLinns market analyst offers the latest price action analysis for Ether.postNoting that the previous movement did not set a new high. On the other hand, Thursday’s decline did not create a new low on the four-hour chart.
According to CryptoLinns, the current support level is $1,450 while the resistance is $1,630.
The post Ether price stops at $1,630 after a 50% increase in less than a week appeared first on Bitcoin Addict.