What’s next for ETH price?

After Ethereum price witnessed a bearish dominated peak, it failed to maintain momentum near $1723. As a result, the price broke below multiple Fib channels, reaching a key support near $1,645. Ether managed to bounce off a key support level, showing that bullish traders are taking advantage of falling prices. Currently, the bulls are aiming to push the price higher and send it above the EMA20 trendline. This behavior suggests that the price of ETH may continue to oscillate between $1,640 and $1,700 for some time.

If the price fails to climb above the EMA20, it will struggle to maintain its recovery momentum, which indicates that the bears are still in the game. If the price remains below the 20-day EMA, we could see it falling back towards the $1,644 support. A break below will take the price down to $1,600.

On the other hand, if gold prices rise and break below the $1,740 level, it may test the overhead resistance at $1,845 $ETH $BTC