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- Ethereum price has successfully escaped the consolidation phase and the token now falters to maintain itself above $1500.
- ETH crypto has recovered above 20 and 50 EMA but it looks like bears are trying to pull the token back.
- The pair of ETH/BTC is at 0.06494 BTC with an intraday drop of 1.14%.
Ethereum, the second-largest cryptocurrency after Bitcoin, is aiming to sustain above the consolidation period. To reach its potential, the token still has to draw in additional users. Bears are actively pushing the ETH currency lower as the accumulation period draws near. Ethereum investors need to keep an eye on the daily price chart for any changing trends. More buyers are needed for the token to survive after the accumulation period. The ETH cryptocurrency still has to find additional customers and avoid falling into the hands of short-sellers in order to fall below lower range. ETH may, however, slip below the consolidation phase considering that it is presently trading with considerable decline momentum over the daily chart.
The price of Ethereum as of right now is $1509, down 3.56 percent from yesterday. During the intraday trading session, the number of trades rose by 2.04%. This demonstrates that buyers are entering the trade to keep ETH at its present level, but bears may disrupt the process by attempting to withdraw the token. The volume to market cap ratio is 0.1276.
A zone bounded by a horizontal range has encircled the price of Ethereum on the daily price chart.. The coin has to draw in new investors if it is to grow and get over the consolidation phase. Like other cryptocurrencies, the ETH coin has struggled during the current bear market. The bears keep trying to catch it to keep ETH in the range. Volume change, which is now below normal, must rise for ETH prices to rise.
Will ETH bulls Sustain or get Detained?
ETH coin price has been falling towards the upper range of the consolidation period which it broke in the prior trading sessions. The token must sustain above the upper range which was resistance but now it may provide support to ETH.
Technical indicators suggest downtrend momentum of ETH coin. Relative Strength Index showcases the downtrend momentum of ETH coin. RSI is at 63 and is trying to sustain above neutrality. MACD exhibits the downtrend momentum of ETH coin. The MACD line is approaching the signal line for a negative crossover.
Conclusion
Ethereum, the second-largest cryptocurrency after Bitcoin, is aiming to sustain above the consolidation period. To reach its potential, the token still has to draw in additional users. Bears are actively pushing the ETH currency lower as the accumulation period draws near. Ethereum investors need to keep an eye on the daily price chart for any changing trends. More buyers are needed for the token to survive after the accumulation period. The ETH cryptocurrency still has to find additional customers and avoid falling into the hands of short-sellers in order to fall below lower range. Like other cryptocurrencies, the ETH coin has struggled during the current bear market. The bears keep trying to catch it to keep ETH in the range. Volume change, which is now below normal, must rise for ETH prices to rise. Technical indicators suggest downtrend momentum of ETH coin. The MACD line is approaching the signal line for a negative crossover.
Technical Levels
Support Levels: $1330 and $1280
Resistance Levels: $1580 and $1650
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Saurav Bhattacharjee is in charge of the Broadcast development team of The Coin Republic.
He has been covering the Metaverse and NFT niche for the past 2 years.
With stellar interviews on his portfolio like Nicehash, Paxful, WallstreetWolvesNFT, Bitholla, Totemfi, EOS.io etc. Saurav has spearheaded the NFT SUPERSTARS AWARD and successfully hosted the first award in 2021.
