Ethereum has been trying to move to the upside, albeit modestly. Price action was tight as the range ETH was trading between $2800 and $2900, respectively.
Prices were constantly trying to re-price the $2900 mark but faced rejection from the aforementioned level.
Sellers have currently pushed the price below the $2900 mark. Over the past week, ETH has lost more than 7%, however, in the past 24 hours, the altcoin king has shown signs of recovery. The coin recorded a 1% jump in prices. This development could make it possible for the bulls to enter the market again.
It is a good sign that the bulls were buying at lower price levels for the altcoin. This indicates that prices may rise during the upcoming trading sessions.
Ethereum Price Analysis: 1 Day Chart
Ethereum is priced at $2,871 at the time of writing. The immediate resistance mark was at $3,028, during the past spot trading sessions ETH lost steam and was rejected from the $3000 price mark.
The currency portrayed signs of positive price action as the trading volume was seen in green as the closing price was higher than the previous session.
In the event that ETH can push its way higher, it could cross the $3000 mark and trade near $3,263. On the flip side, the coin’s local support was at $2,794 and failed to trade on which ETH will trade at $2,437.
The altcoin king has drawn an ascending triangle marked as bullish. Positive continuation pattern of the ascending triangle. It has a lower uptrend line and a flat upper trendline. At the moment, buyers are trying to beat the sellers as ETH continues to make higher lows.
Related reading | Why is this Ethereum indicator pointing to a continuation of the upside
Ethereum’s short recovery may try to push prices above the 20-SMA line. At the moment, ETH is trading below the 20-SMA line which indicates a short-term market dominance by sellers.
It should be noted that buyers pushed ETH prices to trade above the 20-SMA back only 24 hours even when prices were falling.
This reading means that buyers have been aggressively buying the asset at lower price levels in anticipation of higher prices.
On the RSI, although the indicator was placed below the half line, it did notice a slight rise. A slight rise reconfirms the possibility of buyers returning to the market.
The fluctuating Ethereum price has reflected on the fantastic oscillator. The indicator shows price momentum, although with flashing red histograms, ETH is showing signs of recovery.
The volume in the red charts has been declining, indicating that ETH may rise during the following trading sessions.
Chaikin Money Flow notes that capital inflows have been more than just outflows even though Ethereum is struggling to cross the $3,000 mark.
This is consistent with the indicators mentioned above that despite the current downtrend, ETH is eyeing its own sign of immediate resistance.
Featured image from UnSplash, chart from TradingView.com