Just like other digital currencies, Ethereum extended its losses today. During the last 24 hours, the altcoin slipped below the $1900 price level. Bitcoin also fell on its chart and major industrial cryptocurrencies followed suit. Most currencies have consolidated over the past week and a half on their charts.
After the consolidation, some altcoins tried to rally on their charts but were soon met with bears due to the volatility in the market. Ethereum’s upper resistance continues to remain strong for the coin as the market remains weak.
Buyers remain wary of their next move as ETH has seen price level fluctuations. Amid the bearish price action, Ethereum managed to catch a bullish signal on the intraday chart. If demand grows again, the currency may regain a bullish position during the upcoming trading sessions.
Ethereum Price Analysis: 1 Day Chart
ETH was trading at $1800 after encountering heavy resistance at the $1900 price level. Over the past 24 hours, Ethereum has lost 2.6% of its value. In the past week, the value of ETH has fallen by about 10%. A dip below the current price level will bring ETH trading near the $1,700 price mark.
Ethereum is back in trading at the price levels it last traded in July 2021. The currency’s upper resistance was waiting at $1,960. If demand remains constant, the altcoin may push itself to trade near the $2000 price mark.
Ethereum volume is down a bit but the bar is red. The red bar indicates a bearish price movement.
Despite the drop in price, the altcoin noticed a significant increase in the number of buyers in the market. This signal paints optimism about the currency for the upcoming trading sessions. The RSI noticed a bullish divergence (yellow).
This happens when the buying power in the market increases despite the lower price. This is a sign of an upcoming bullish trend. The RSI was heading towards half of the line even though the market was outnumbered by sellers even at press time.
Corresponding to the same reading, Ethereum was pressing hard to rise above the 20-SMA. If you can maintain the buying power, the push may cause buyers to push the price momentum in the market.
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The altcoin continues to show that the bulls are not completely gone yet. Moving Average Convergence Divergence is supposed to read price momentum and changes in it. MACD has undergone a bullish crossover and the green signal bars are depicted.
The green signal bars are associated with a buy signal. If demand helps Ethereum, buyers can push the price up to $2000. However, the Parabolic SAR indicator showed a trend reversal as the dotted lines moved above the price candlesticks. This is related to the downtrend in the market.
However, the SAR indicator is not always reliable while reading trend changes.
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