Ethereum Displays Neutral Trend Despite Market Volatility! What’s Next For ETH Price?
The post Ethereum Displays Neutral Trend Despite Market Volatility! What’s Next For ETH Price? appeared first on Coinpedia Fintech News
Despite a bearish sentiment in the crypto industry, the leader of altcoins, Ethereum, continues to display neutral price action, indicating mixed sentiments in the market. The ETH price has experienced a change of less than 2% over the last week.
The Ethereum price constantly traded in a consolidated range between $2,137 and $2,248 for a while, following which the bulls gained momentum, and the price broke out of the range. However, the rally was short-lived as the bulls faced rejection at $2,342, following which the price traded sideways for a while.
As the bearish sentiment increased, the price faced a pullback within the range where it traded for about a week. After multiple attempts, the bulls broke out of the range and recorded a jump of approximately 5% before facing another rejection at $2,342.
The price then started trading in a descending pattern and tested its support level of $2,200, but the bulls held the price strong, resulting in a bounce back. The ETH price jumped over 11% within the next 24 hours, after which it faced restriction at $2,450.
Following this, the leader of altcoins recorded a correction of over 8% in its valuation and traded sideways for a while. As the market gained momentum, the ETH price made another attempt to breach its key resistance level at $2,450 but faced rejection, highlighting a strong liquidation point at that level.
After this, Altcoin experienced massive sales, resulting in a correction of over 8%. Since then, the price has been trading sideways in a closed range between $2,200 and $2,248, suggesting weak buying and selling pressure in the market.
Negatively, the Cross EMA 50-day is a resistance line to the price chart, indicating a bear power in the crypto space.
Will The ETH Price Recover?
The Moving Average Convergence Divergence (MACD) displays a minor rise in the histogram, indicating an increase in the buying pressure. Further, the averages show a bullish convergence, highlighting the price may undergo massive price action in the coming time.
If the bulls break out of their important resistance level at $2,248, the ETH price will regain momentum and test its upper resistance level of $2,300 this week. Maintaining the price at that level will set the stage for the ETH price to attempt to test its resistance level of $2,342 over the coming week.
Negatively, if the bears overpowered the bulls, the Ethereum price would lose momentum and fall to test its support level of $2,200. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $2,137 in the coming time.
