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- Ethereum is consolidating in a narrow horizontal range.
- Trading volume is lower this week as compared to previous weeks.
- Ethereum price remains up 1.3% at 0.06759 satoshis with the bitcoin pair.
The price of Ethereum is still following in the footsteps of the market leader – Bitcoin. Buyers are in trouble as the price is trapped in a narrow horizontal range of resistance between $1,220 and $1,400. If the bulls do not form new long positions soon, this range bound market could lead to a huge consolidation phase.
In mid-September, Ethereum price declined below the key $1420 support level, which turned into an upcoming resistance area. Conversely, the $1000 conceptual round level remains an key hedge provider for holders before the price reaches annual lows.
Ethereum price action draws higher-lows formation in daily time frames. Overall each price bounce since mid-august has pulled value lower. This reflects selling on the rise trajectory so far. If buyers fail to manage price inside this box pattern then the $1400 level will be a part of Ethereum price prediction as a vital resistance level.
At the time of writing, Ethereum price stays at $1368 mark, along with 1.2% intraday gain. Despite the consolidation phase, speculators are aiming to move prices higher, in fact, price action shows higher-lows in hourly price charts. Moreover, Etherum price along with the Bitcoin pair stays at 0.06759 Satoshis, up 1.3%.
The $1400 Stood to be an Immediate Resistance
During this minor price recovery ETH value moved above the mid-band of bollinger band indicator, this action turns this level into immediate support. Along with a positive advance, RSI is going to hit the semi-line but the ADX indicator still shows weak momentum’s strength as it stays at 31 Mark.
Conclusion
Due to range-bound momentum, buyers are waiting for bullish breakout to make fresh upside positions. Although RSI and Bollinger bands indicator shows positivity in Ethereum price. Ethereum price prediction hints $1500 level as a next step If buyers break the $1400-resistance zone.
Resistance level- $1400 and $1700
Support level- $1200 and $1000
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
