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- Ethereum price accumulation occurs in a narrow horizontal range.
- The bears are barely defending the short-term resistance at $1300.
- The RSI indicator suggests a sideways zone as its peak appears to be flat on the semi-line.
The Ethereum price often bounced above the $1230 mark, therefore the bulls established support at the same level for the short-term outlook. Liquidity is slowly increasing in the Ethereum trading session as buyers aggressively accumulate the asset. Although the buying pressure is not for a sustained bullish trend, it is still a better position than the previous one.
The price action shows a high-low over the past several days. The $1000 conceptual level was an important support level for the bulls amid this recent sharp selloff. Bulls flipped twice at the same price. Hence, the $1000 mark is a key demand area for buyers for the short term outlook.
Ethereum Price Failed to Move Above $1300 Mark in 4-Hour Chart
In the hourly chart, Ethereum price action stuck in a tight horizontal range of $1230 to $1300 this week. Meanwhile, the $1300 provides massive selling, resulting in bears holding crypto below this level. Thus, Ethereum price against the USDT pair trades at $1259 while writing. Due to sideways momentum, there is a lack of volatility and the daily price candle is down 1.13%.
In the hourly chart, investors aggressively keep ETH valuation above the bullish trendline. Above the immediate bullish hurdle, bulls are aiming for the $1400 mark as a next stop. Apart from this, market capitalization stays at $154.06 Billion while the Ethereum price belonging to the Bitcoin pair looks sideways at 0.07406 satoshis.
In terms of the daily price scale, the RSI indicator suggests sideways territory as its peak appears to be flat on the semi-line. The bulls above the 53 mark are actively accumulating Ethereum price. However, on-balance-volume also reflects low liquidity in the second largest cryptocurrency. Similarly, ADX was also down for the last several days.
Conclusion
Ethereum price (ETH) turned sideways after rallying from the conceptual round level of $1000. Buyers are accumulating the crypto in a tight range ahead of another bullish rally. Besides, the $1400 level could block another buying momentum.
Support level – $1230 and $1000
Resistance level – $1300 and $1400
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.
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.
