The year 2022 has been relatively negative for the universe of different digital currencies, with blockchain disappearances like the Terra Luna or reductions of up to -90%.
However, the cryptocurrency market seems rate upwards for a few weeks, such as for example the price of the Ethereum blockchain which has been around 1800 dollars in recent days, while it has been stagnating for many weeks around 1000 dollars.
Then the resistance of 1730 dollars will it return a correction ? Let’s see this together in our blog post.
Will the resistance at $1730 allow for another correction?
While a sharp rise has recently taken place on the Ethereum (ETH) blockchain, the various buyers of this token doesn’t seem to want to buy anymore lately. This may possibly announce a future correction, to allow various investors to obtain Ethereum at a reduced price.
Here’s what one analyst says “However, an evening star candle pattern with a long wick rejection attached to them indicates that the buyers are exhausted. So if the selling pressure persists, a retracement around 1600 dollars or 1400 dollars is plausible to restart the bullish momentum.
Here are the different technical supports to monitor
RSI technical indicator:
The Ethereum cryptocurrency has recently undergone a rally, however, RSI technical indicator fails to break above its previous high, leading to the belief that there is weakness in the underlying uptrend.
We can observe that the 100 day EMA indicator around 1730 dollars exerts selling pressure on the price of Ethereum. However, an upward cross between the 20 and 50 EMA offers more investors in the market.