Ethereum tried to make a modest move towards the upside but it was not very successful. Price action was tight, as ETH traded in a range of $2800 to $2900.
Although prices have tried to stabilize at $2900, they have not been able to do so.
The price is currently below $2900 due to sellers. ETH has lost more than 7% over the last week. However, the king altcoin shows signs of recovery. This coin saw a 11% increase in its prices. This could allow the bulls to enter the market again.
This is an indication that bulls are buying altcoin at lower prices. This indicates that the price of altcoins could rise in the coming trading sessions.
Ethereum Price Analysis: 1 Day Chart
Ethereum traded at $2871 as of the writing. The immediate resistance level was $3028. Over the previous trading sessions, Ethereum lost vigour. It has been rejected at the 3000 mark.
As the coin showed signs of price movement, the volume traded was in green and the closing price was higher that the previous session.
If ETH can push itself up, it may break through the $3000 mark to trade at $3263. On the other hand, the local support for the coin was at 2794, and failing to trade above which ETH trades at $2437.
An ascending triangle was depicted on the king altcoin, and is bullish. Positive continuation pattern of the ascending triangle. There is a rising lower trendline, and a flat top trendline. ETH is making higher lows as buyers attempt to overwhelm sellers.
Similar Reading: Why this Ethereum Indicator points to bullish continuation| Why This Ethereum Indicator Points to Bullish Continuation
Technical Analysis
Ethereum’s brief recovery could try to push prices above the 20-SMA line. ETH traded below the 20-SMA level at the moment. This indicates that sellers are taking over the market short term.
It is to be noted that buyers had pushed ETH’s prices to trade above the 20-SMA just 24 hours back even when prices were dropping.
In anticipation of rising prices, this reading indicated that buyers had been buying assets at lower levels.
The Relative Strength Index showed a slight increase even though it was below the 50% line. A slight uptick confirms that buyers may be returning to the stock market.
Ethereum’s choppy prices have reflected on the Awesome Oscillator. The indicator shows price momentum. However, ETH showed signs of recovery despite flashing red histograms.
It was becoming smaller in the red histograms, indicating that ETH could rise over the coming trading sessions.
Chaikin Money Flow revealed that capital outflows exceeded inflows even though Ethereum is struggling to reach the $3000 threshold.
This is in line with previous indicators that ETH, despite being bearish at the moment, is eying its immediate resistance.
Institutional Investors Bearish On Bitcoin, Ethereum.| Institutional Investors Bearish On Bitcoin, Ethereum. Here’s What They’re Buying
Featured Image from UnSplash. Chart by TradingView.com