Etehreum rebounds after getting close to support level at $1,700. Investors reacted and drove the price of the asset up more than 4%
The Bollinger bands are opening, and this will bring higher volatility to the pair; the price was trading below the lower band and considered relatively low, which allowed the price to get a boost from investors and get a 4% + gain.
The relative strength index is at 41%; this will allow the pair to continue climbing before reaching an overbought status, one that we have not seen since May 2021.
The gap between the short and long-term moving averages is narrowing down; there could be a line crossing very soon if ETHUSD continues closing with gains.
The next resistance level is at $1,918 and then $1,994. Keep an eye on these levels as they represent previous highs during the last trading sessions where the crypto closed with a loss.
Our closest Fibonacci retracement at 23.6% is $2,329, which is more than $400 away, it is not likely that the price will reach this level any time soon, but some progress might have been made.
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