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Ethereum [ETH] likely to face a wall of sellers at $1700 – Can the bulls prevail?

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

Buying pressure saw ETH surge to the doorstep of a major resistance yet again
Buyers can wait for a breakout, while short sellers could be swimming against the tide

The V-shaped reversal of Ethereum on the price charts on Monday rewarded buyers handsomely, but it has not formed any consolidation on the way up. This is not a problem in itself, but it seemed to present some uncertainty for buyers looking to enter the market.

Read Ethereum’s [ETH] Price Prediction 2023-24

The large swathes of imbalances to the south might get tagged before another leg upward. On the other hand, the price could shoot past $1700 this week. Which scenario can a buyer look to profit from, and how?

Violent reversal saw ETH nearly scrape the range highs once more

Source: ETH/USDT on TradingView

The strong buying pressure meant that the fall beneath the range low at $1500 was invalidated within the space of three days. Generally, the sharp fall beneath the range (yellow) and a subsequent retest of the lows would be a selling opportunity. However, the OBV showed there was heavy buying volume over the weekend and Monday.

This saw Ethereum burst past the $1500 and $1600-levels, pausing for a few hours in the $1600 zone. This seemed to be the mid-range mark. To the north, the $1700-1750 zone will likely pose resistance to the prices.

Hence, any ETH buyers can look to book profits around this area and wait for a breakout and retest before buying. Short sellers would be selling against the trend and might take on extra risk if they’re not cautious with position size.

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Author: Akashnath S

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