Ethereum (ETH) edges up after a three-day slide, while the overall cryptocurrency market capitalization climbed by 2.07 percent over the last 24 hours. At the end of a volatile week, markets were in much calmer waters on Saturday, with ETH halting its losing streak as returning bulls held onto their gains. Optimism that the overall crypto market recovery from the recent crash was only slightly dented by Terra’s failure rules. This sentiment might continue to pump plenty of support growth for Ether as it’s seen as the primary reason for this turnaround. ETH/USD records a minor bid near $1,700 as investors seek to maintain minor gains during the session. At the time of analysis, ETH/USD traded at an intraday high of $1,807. Ethereum developers debate whether the difficulty bomb should be delayed yet more, with some believing that it should be pushed out another 2-4 months. A 2 to 4-month delay, as per Ethereum developers, is a more reasonable option. One stated that “testnet deployments have been bumpy,” while others said there shouldn’t be pressure for the sake of pressure.
Key Levels
Resistance Levels: $2,500, $2,300, $2,000
Support Levels: $1,700, $1,500, $1,300
ETH/USD Daily ChartThe bearish bias in ETH/USD appears to have come to a halt above $1,700, and the pair is now drifting higher, aided by its recent rally hints. Overall bearish sentiment remained after the pair found stability over $1,700 horizontal support. If the price rises above $1,900, sellers might push to cover their holdings in the next few sessions.
Furthermore, the oversold position of the relative strength index (RSI) might temporarily dampen the downward trend. As the dust settles, the bulls might like to consolidate over $1,800 in advance of their final breakout attempt at $2,000 at the end of the month. A close above $1,900 might spark an extended surge above $2,000, setting the stage for a medium-term bullish reversal.
The decline in the ETH/USD accelerated towards the level of $1,700. The $1,700 near-term projection level might provide some rigid support. However, a break of the 4-hour moving average (MA 50) near the $1,900 minor resistance level is necessary to confirm short-term bottoming.
On the other hand, a further attempt at a decrease from $2,165 to $1,700 is expected, with the next objective of prediction being from $2,000 to $1,500 in a bearish scenario. Above the $2,000 level, near-term resistance, might change the neutrality of the intraday bias and again continue its rebound before starting a further decline.
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