ETH Technical Analysis: Retracement Ready To Retest $1400

The Ethereum(ETH) price action displays a retracement phase ready to touch $1400. But will the prices drift around after retest or continue to crash?

Key Technical Points:

• The ETH price has dropped by 6.95% within the last 72 hours.
• The price action shows a retracement rally from the resistance trendline, reflecting a retest possibility of $1400.
• The 24-hour trading volume of Ethereum is $23.61 Billion, indicating a rise of 2.61%.

Past Performance of ETH

As we mentioned in our previous analysis, the ETH prices exceed the 50 days average line and the $1500 mark to reach the heights of $1700. The price jump of 50% over the past week accounts for the bullish break out of the consolidation range. However, the bullish trend takes a setback from the resistance trendline in the daily chart resulting in a price drop of 6.95 percent in the last three days.

Source — Tradingview

ETH Technical Analysis

The ETH price chart shows a falling trend in the trading volume during the retest phase, and the small-bodied candles with long-range increase the possibility of a bullish turnaround. Hence, traders can find a buying opportunity near the $1400 support level shortly. The RSI indicator displays an increase in selling pressure but maintains an overall bullish view as the slope sustains in the nearly overboard zone. Hence, technical indicator supports the possibility of a bullish turnaround shortly. Furthermore, the MACD indicator displays a solid bullish trend in motion as the fast and slow lines enter positive territory. However, the falling trend in the positive histograms reflects a retest phase in Ethereum prices. In a nutshell, the ETH technical analysis suggests a high likelihood of a bullish turnaround from the $1400 support level after a successful retest.

Upcoming Trend

Considering the Ethereum (ETH) prices take a positive turnaround and exceed the resistance trendline influence, traders can expect the market value to shoot up to the $2000 psychological mark. Conversely, if the buyers fail to question de downtrend at the $1400 mark, the market value can crash to $1250. Resistance Levels: $1700 and $2000 Support Levels: $1400 and $1250

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