Like other altcoins, Ethereum also increased losses today. Over the past 24 hours, the altcoin has fallen below the $1,900 price level. Bitcoin also fell on its chart and the major industry altcoins followed suit. Most of the coins over the past week and a half have consolidated on their charts.
After consolidating, some altcoins tried to move up on their charts but soon ran into bears due to market volatility. The upside resistance for Ethereum continues to be strong for the coin as the market remains weak.
Buyers are still wary of their next move as ETH has witnessed fluctuating price levels. Amid the bearish price action, Ethereum managed to lock in a bullish signal on the 1-day chart. If demand recovers, the coin could regain bullish sentiment over the upcoming trading sessions.
Ethereum Price Analysis: One-Day Chart
ETH traded at $1,800 after encountering stiff resistance at the $1,900 price level. Over the past 24 hours, Ethereum has lost 2.6% of its value. Over the past week, ETH has depreciated by almost 10%. A fall from the current price level will see ETH trading near the $1,700 mark.
Ethereum has returned to trading at the price levels it last traded at in July 2021. Upper resistance for the coin was expected at $1960. If demand remains stable, the altcoin could push itself towards a price near $2,000.
Ethereum volume decreased slightly, but the bar was red. The red bar indicated a bearish price move.
Altcoin, despite the price drop, noted a significant increase in the number of buyers in the market. This signal makes the coin optimistic about the upcoming trading sessions. The Relative Strength Index marked a bullish divergence (yellow).
This occurs when, despite a price drop, the purchasing power of the market increases. This is a sign of upcoming bullish sentiment. The RSI was approaching the half-line, although even at press time the number of sellers in the market outnumbered the buyers.
According to the same reading, Ethereum has been struggling to rise above the 20-SMA. If he manages to maintain purchasing power, the push could lead to buyers driving price momentum in the market.
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The altcoin continued to show that the bulls had not completely disappeared yet. It is assumed that the convergence-divergence of moving averages reads the price momentum and its changes. The MACD has undergone a bullish crossover and displayed green signal bars.
Green signal bars are associated with a buy signal. If demand helps Ethereum, buyers can push the price up to $2,000. However, the Parabolic SAR showed a trend reversal as the dotted lines moved above the price candles. This is due to the bearish behavior in the market.
However, the Parabolic SAR is not always reliable when reading trend changes.
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Credit : www.newsbtc.com