đ CoinGape analysis:
The recent move above the 200-week EMA (purple) at $1,625 to $1,650 was a significant signal that bulls had the reins. With this level now acting as resistance, bulls must put up a barricade or steady their speed breaks to reduce the likelihood of a bigger sell-off.
The Moving Average Convergence Divergence (MACD) indicator although moving sideways at the mean line (0.00) still dons a sell signal. As long as the blue MACD line holds below the red signal line, a rally will remain a pipe dream.
That said, losses below $1,600 immediate support could sweep through price levels seen last in March for the second time in September. Ethereum price bounced off $1,530 last week but lost steam around $1,650, pausing the uptrend.
Until ETH reclaims the 200-day EMA support/resistance, the 21-week EMA (red), and the 100-week EMA (blue), the time wonât be ripe for a bull market rally for gains above $2,000.
