The price of Ethereum, the second-largest cryptocurrency after Bitcoin, is making an attempt to rise around the upper trendline of the consolidation phase. The token still has to entice more buyers in order to achieve its breakout. The ETH currency is currently being driven lower by bears as it approaches the accumulation phase. Investors in ETH should monitor the daily price chart for any shifts in trend. For the token to continue to exist after the accumulation phase, more purchasers are required. To drop below the lower range, ETH cryptocurrency still needs to draw in more buyers and avoid getting caught in the clutches of short-sellers.
The market capitalization of Ethereum, which is currently trading at $1184 CMP, has decreased by 2.94 percent during the past 24 hours. The intraday trading session saw a 31.20 percent decline in trade volume. This demonstrates the volume of ETH trades on the bearish cryptocurrency market at the moment. The volume to market cap ratio is 0.06385.
On the daily price chart for Ethereum, the price has been encircled by a horizontal range-bound zone. The second-most popular cryptocurrency has been stuck between $1020 and $1300 in price. To distribute and leave the consolidation phase, the coin needs to draw new investors. Similar to other cryptocurrencies, the ETH coin has seen extreme conditions during the current bear market. In order to keep ETH within the range, the bears are repeatedly attempting to trap the token. Meanwhile, volume change can be observed below average and needs to grow for ETH to soar.
ETH coin price must accumulate buyers in order to escape the consolidation phase. The token must gather support to surge towards the upper range of the horizontal range-bound area. Technical indicators suggest the downtrend momentum of the ETH coin.
The relative Strength Index showcases the downtrend momentum of the ETH coin. RSI is at 44 and is below neutrality approaching the oversold territory. MACD exhibits the consolidation phase of the ETH coin. The MACD line is ahead of the signal line but with a low margin and it may experience a negative crossover at any time. ETH investors need to wait for any directional change over the daily price chart.
Conclusion
The price of Ethereum, the second-largest cryptocurrency after Bitcoin, is making an attempt to rise around the upper trendline of the consolidation phase. The token still has to entice more buyers in order to achieve its breakout. The ETH currency is currently being driven lower by bears as it approaches the accumulation phase. Investors in ETH should monitor the daily price chart for any shifts in trend. In order to keep ETH within the range, the bears are repeatedly attempting to trap the token. Meanwhile, volume change can be observed below average and needs to grow for ETH to soar. Technical indicators suggest the downtrend momentum of the ETH coin. The MACD line is ahead of the signal line but with a low margin and it may experience a negative crossover at any time. ETH investors need to wait for any directional change over the daily price chart.
Technical Levels
Support Levels: $1020 and $1100
Resistance Levels: $1300 and $1500
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.
Antonio is a travel photographer by profession and came across the Crypto world during his profession. Since then his love, knowledge and interest towards the technology have increased. He brings his passion to create in his articles.
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