On its 1-day chart, Ethereum prices showed a rebound. In the past 24 hours, the coin rose by 3%, which has now shifted the altcoin’s support level to a new one. Altcoin remains in the shadows, as bears still dominate.
The sign of bearishness is that sellers are more numerous than buyers, and this indicates that there is still a lot to be bought. The 24 hour chart can show a surge in buying power if the Ethereum price keeps moving upwards.
As Ethereum was still trading in the lateral market, it has made little progress the Ethereum price over the last week. Altcoins have seen slow recovery as the Bitcoin price appreciated over the past 24 hours. For Bitcoin, the $1270 area remains a crucial support zone.
ETH will fall below the current level to reach the support level. If Ethereum reaches $1,400, the bulls can expect a comeback. The same is unlikely without constant support from buyers.
One-day Chart: Ethereum Price Analysis
At the time this article was written, ETH traded at $1316. The price of ETH has moved away from the $1,270 support line. 1.360 is the Ethereum price resistance. ETH will regain $1,400 if it pushes above this level.
The $1,460 resistance level was another important point. The altcoin could rally on its chart if the bulls do so. If ETH has lost its footing right now, the local resistance line at $1,260 will be breached and the altcoin could fall to the $1.200 mark. There were fewer Ethereum buyers as the amount traded during the session.
Technical Analysis
ETH maintained a bearish technical outlook while sellers continued to be dominant at press time. Although buyers attempted to recover from the chart, strong selling pressure prevailed. Despite an increase in the indicator, the Relative Strength Index was still below 50.
The one-day charts showed that buyers had more buying power than sellers, which meant there was less competition for the market. Ethereum’s price fell below the 20 SMA, which was also a sign of bearishness. This meant that the sellers were driving price momentum.
Also, the altcoin displayed mixed signals in trading, with Ethereum showing buy signals on its one-day chart. Moving Average Convergence Divergence (MACD) shows price momentum and asset direction. MACD experienced a bullish crossover, and small green signals bars were formed as a buy signal.
Directional Movement Index shows the price direction as well as the strength. The DMI was lower than +DI, with -DI being more common than +DI. Average Directional Index (red), was close to 40, which indicates strength in current price momentum.