ETH price action shows a bullish growth of 7.31% within 24 hours to restore the uptrend and minimize the pressure over the $1450 support zone. The ETH prices jump by 7.31% to create a bullish engulfing candle with lower price rejection and sabotage the selling spree. The jump comes with Bitcoin stabilizing above the $18,850 mark and delaying the downtrend. So, Will the price session about the $1600 mark reach the overhead resistance of $1775? Key Points: The ETH price action shows a bullish growth of 7.31%. The recovery rally will push Ethereum Price to the $1775 mark. The intraday trading volume in Ethereum is $17.62 billion. Source – TradingView ETH Technical Analysis The ETH price action displays a lateral trend between the Fibonacci levels of 50% in 23.60% over the last month after the rejection from the $2000 mark. Currently, a bullish reversal from the bottom support, accounting for a price jump of 12% over the last two weeks, shows a possibility of an uptrend to the $1772 mark. Currently, the bullish reversal rally takes a lateral shift near the $1600 level, reflecting a power struggle in the daily chart. However, the recent increase in the trading volumes supporting the police engulfing candle of 7.31% jump with lower price rejection reflects an increase in demand. The Ethereum (ETH) prices will reach the overhead resistance of 23.60% Fibonacci level close to $1775 if the buying pressure sustains. Moreover, a bullish b...
