Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
The recovery efforts deployed by the buyers have helped ETH test the seven-week trendline resistance in the four-hour timeframe. After falling toward its multi-yearly-lows in June, the buyers ensured the $1,037 mark by propelling multiple rallies. As a result, the recent buying comeback entailed the alt’s growth toward its monthly high on 29 July.
A rebound from the $1,744 level can help the bears retest the $1,684-$1,622 range in the coming sessions. On the flip side, any eventual break above the trendline resistance could pave a path for a test of the $1,812.The Relative Strength Index hovered at the brink of the overbought position at press time. Any reversal from this level can affirm near-term ease in buying power.
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