ETH is at key resistance. If it overcomes it, great growth will begin

Currently ETH is in a deep correction in the long term. Nevertheless, it is the best-performing high-cap coin in recent times. The upcoming upgrade of the network to Proof of stake. However, the market price is currently ahead of the key price resistance.

In the chart below, we can see that since the ATH was reached, the market price continued to bullish flag down. Currently, this price has reached the level again resistance of this flag, which represents a key zone where the further long-term direction of the price will be decided either in correction or growing trend.

ETH at key resistance

It appears to be the first contact with this area resistance is negative and the price does not yet indicate a breakout. In the event of the creation of a corrective leg, we will primarily monitor the position of the next local minimum, which should be created higher than the last one below 900 dollars.

We follow the support areas in this scenario on the zone $1,700 and $1,400. A retreating indicator is also negative volumes during an uptrend in the spot price. it seems that buyers lose power and ETH will have to wait for the macro trend to change.

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Margharet Tess

Editor, Developer at Cryptheory Labs

I have been active in the cryptocurrency world for over 6 years, during which I have written countless articles about this sector. What fascinates me most about cryptocurrencies is their technological aspect and the problems they aim to solve. In the past three years, I have ventured into app development and am currently working on a larger project called P2E Buzzer. Stay tuned for the surprise. 🙂 My previous experiences: Business2Community.com, TradingPlatforms.com

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