© Reuters ETH price is likely to bounce back before another attempt at $1,700
- The price of ETH recorded a 24-hour increase of 0.88%.
- The price of the altcoin broke above $1,700 on February 2, 2023, but bounced back soon after.
- The price of ETH will have to undergo a mean retracement before it manages to jump to $1700.
The price of the largest altcoin by market cap (ETH) is up 0.88% in the last 24 hours according to CoinMarketCap. ETH’s 24-hour gain contributed 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)
ETH price managed to break above the key $1,700 level on February 2, 2023 – setting a daily high of $1,714.68. Talks of an ETH recovery soon died down as ETH closed the day’s trading session at $1,643.12.
Now ETH price seems to be looking to break above the $1700 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 below the daily RSI SMA line. Although this is a bearish sign, the difference between the two lines is negligible. This increases…
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