Ethereum [ETH] stuck at $1,700 as bulls need to overcome this Fib level

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. ETH has been rejected at $1,743 and faces OB at a 78.6% Fib level. Fluctuating open interest (OI) could keep the above challenge going. After the release of US CPI, investors’ risk-on approach has […]

Despite an extended rally after 10 January, the upward momentum of ETH has weakened on the 12-hour chart. This is highlighted by the bearish RSI divergence and the falling Average Directional Movement Index .

However, the bulls need to overcome the bearish order block at the 78.6% Fib level of $1,683 – near $1,700. This level has blocked the further uptrend of ETH since mid-January. Another critical resistance level to watch out for if ETH clears this hurdle is the September high of $1,790.

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