Ethereum Recovers from Recent Fall but Faces an Uphill Task above $1,700

[Sharpmax]

Ether has recovered after plunging to the low of $1,546. Immediately, the bulls buy the dips as the biggest altcoin reached the high of $1,696 at the time of writing.

Buyers are making frantic efforts to push the altcoin above the moving averages. This will propel price to rise on the upside. Alternatively, if buyers can push Ether above the $1,800 support, it will signal the resumption of the uptrend.

Nonetheless, the upward move is presently facing résistance at the high of $1,725. If ETH/USD turns from the recent resistance, the bears will attempt to break the current support. This will sink ETH to either $1.440 or $1,320 low. Conversely, if the current bullish momentum is sustained and the minor resistances are cleared, a retest at the $2,000 overhead resistance is likely. Source