The Ethereum price was rejected at $1,299 as it retraced its movement over the last day. ETH’s chart has seen very little price movement in the last 24 hour. Ethereum’s price will rise to $1,200 if it continues to trade laterally.
Bitcoin remained largely unchanged over the past 24 hours. Most altcoins also behaved the same. Ethereum’s technical outlook showed that bulls don’t control the market. The constant rejection of Ethereum at $1,300 was the reason.
In the absence of demand, Ethereum will oscillate between $1,260 and 1,360 prices. In case the price momentum doesn’t pick up in the next trading sessions, ETH could even travel below the $1,200 support line.
ETH must break the $1,360 level in order for the bearish pressures to subside. For a time, it must trade at or above this level. Global cryptocurrency market capitalization today stands at $962 Billion. 0.3% negative change in the last 24 hours.
One-day Chart for Ethereum Price Analysis
At the time of writing, ETH was at $1290. As sellers took control, the altcoin was unable to surpass $1300 resistance.
It was trading at $1,300 as immediate resistance, which suggests that Ethereum could reach the $1,360 ceiling. A move above the $1,360 level will make the bulls come back on Ethereum’s chart.
However, local support for altcoins was around $1,268. If the demand for the coin doesn’t come back over the next trading sessions, Ethereum is moving south.
The $1,268 level is the minimum threshold for the cryptocurrency to trade. A breach below that point will result in the coin trading at $1.200. In the last session, Ethereum trade volume fell, which indicates bearishness and increased selling pressure.
Technical Analysis
Altcoins have had low buying activity for the majority of March. This is why the altcoin has been consolidating for several weeks. Ethereum continues to see low demand.
Relative Strength Index fell below half-line which indicated that sellers were exiting the market.
The indicator saw a new decline in purchasing strength and noted an increase. Ethereum prices were below the 20 SMA lines, which indicates less demand.
This also indicated that the sellers drove the market’s price momentum.
The bears were clearly in control according to technical indicators. The chart of Ethereum showed a buy signal. Moving Average Convergence Divergence indicated direction and price momentum.
MACD kept showing green histograms to indicate a buy signal. This could suggest that buyers could act upon it and the coin can log gains.
Chaikin Money flow measures capital inflows and outflows.
CMF was still positive, as it was higher than the half-line. There was however a dip in the CMF, signaling that the indicator will turn negative during the next trading session.