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.