Ethereum Price Analysis: ETH in a ranging trend

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ETH to USD Dominant Trend: Ranging

Supply Levels: $360, $365, $370

Demand Levels: $250, $245, $240

Ethereum has been slipping over the past 24 hours; dropping by a total of less than 2% back below the $300 mark, currently trades around $297. The recent Ethereum price fall is mostly due to the past hours’ Bitcoin falling back toward the $11,000 as of the time writing this. Ethereum currently holds a $31.5 billion market cap value which puts it in second place amongst the top cryptocurrency projects by market cap valuation. The cryptocurrency has seen an epic 108% price explosion over the past three months – despite that the cryptocurrency was dropping against USD. At the time of writing, Ethereum price is trading up nominally at its current price of $297, up slightly from its daily lows of $289 as at when the market opens today. Over a one-month period, it becomes clear as to just how volatile ETH has been as of late, surging from lows of $231 to highs of $364, at which point it incurred a massive influx of selling pressure that sent it reeling down to lows of $286.

 

 

Since then, Ethereum seems to have formed a pattern of consolidation between $286 and $324 levels, which may likely turn out to be a new trading range that will continue while Bitcoin is experiencing a sideways trading crisis. As the new week begins, it is probable that Ethereum’s near-term price action will be largely based on that of Bitcoin, which may mean that it is in for a bout of sideways trading. The 4-hour chart reveals from the above that the nearest level of supply now lies at the $320. This is followed with higher supply at $330, $340 and $350. Above $350, further supply lies at $360, $365 and $370 levels. While from below, Ethereum price is trading at the lower border of the Bollinger bands indicator and below the 50-day moving average, therefore, the nearest level of strong demand lies at $260, beneath this, lower demand can be found at $250, $245 and $240 levels. The trading volume has fallen drastically over the past few days following the spike toward the $364 level.

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Azeez Mustapha
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

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