ETH’s Price Will Likely Retrace Before Another Attempt at $1,700 By CoinEdition

© Reuters ETH’s Price Will Likely Retrace Before Another Attempt at $1,700
  • ETH’s price has posted a 24-hour gain of 0.88%.
  • The altcoin’s price broke above $1,700 on 2 February 2023, but retraced shortly thereafter.
  • ETH’s price will need to undergo a medium retracement before it is able to flip $1,700.

The price of the largest altcoin by market cap, (ETH), is up 0.88% over the last 24 hours according to CoinMarketCap. ETH’s 24-hour gain has added to its positive weekly performance, which now stands at +3.96%. As a result, ETH is changing hands at $1,655.88 at press time.

Daily chart for ETH/USDT (Source: CoinMarketCap)

The price of ETH was able to break above the key $1,700 level on 2 February 2023 – setting a daily high at $1,714.68. Talks of ETH rallying were quietened shortly thereafter as ETH closed the daily trading session at $1,643.12.

Now, it looks as if ETH’s price is looking to cross above the $1,700 level again. Two technical indicators support this belief.

The first technical indicator is the daily RSI indicator. At press time, the daily RSI line is positioned below the daily RSI SMA line. Although this is a bearish sign, the margin that exists between the two lines is negligible. This increases…

The post ETH’s Price Will Likely Retrace Before Another Attempt at $1,700 appeared first on Coin Edition.

See original on CoinEdition

Source link


Jacob Keiter is a husband, a writer, a journalist, a musician, and a business owner. His journey to becoming a writer was one that was paved with challenges, but ultimately led him to find his true calling. Jacob's early years were marked by a strong desire for creative expression. He was always drawn to music, and in his youth, he played in several bands, chasing the elusive promise of fame and success. However, despite his best efforts, Jacob struggled to find the recognition he craved. It wasn't until he hit a low point in his life that Jacob discovered his love for writing. He turned to writing as a form of therapy during a particularly difficult time, and found that it not only helped him to cope with his struggles, but also allowed him to express himself in a way that he had never been able to before. Jacob's writing skills quickly caught the attention of others, and he soon found himself working as a journalist for The Sun out of Hummelstown. From there, he went on to contribute to a variety of publications, including the American Bee Journal and Referee Magazine. Jacob's writing style is reflective of traditional journalism, but he also infuses his work with a unique voice that sets him apart from others in his field. Despite his success as a writer, Jacob also owns another business, JJ Auto & Home, which specializes in cleaning. Jacob's commitment to excellence is evident in all of his endeavors, whether it be in his writing or in his business ventures. Today, Jacob is the author of two books and continues to inspire others through his writing. His journey to becoming a writer serves as a reminder that sometimes our darkest moments can lead us to our greatest achievements.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *