On its one-day chart, the price of Ethereum showed signs of improvement. The coin increased by 3% during the last 24 hours, moving the altcoin’s support level to a new one. In light of the bears’ continued dominance, the altcoin is still not out of the woods.
fewer buyers than sellers shows bearishness. An increase in buying power is visible on the 24-hour chart if the price of Ethereum keeps moving upward.
The price of Ethereum has increased over the past week due to sideways trading. In the last day, the price of Bitcoin has increased, and altcoins’ charts have stabilized. The $1,270 region is still a crucial support area for the coin.
If ETH drops below its current level, it will eventually reach the support level. If the price of Ethereum reaches $1,400, the bulls might make a comeback. The same would likely not occur in the absence of ongoing buying support.
Ethereum Price Analysis
At first, ETH was trading for $1,316. An upward movement of the coin has displaced the important support line of $1,270. The price of Ethereum encountered immediate resistance at $1,360. ETH can recoup $1,400 with a push above that.
At $1,460, there was another significant resistance point. The altcoin’s chart might potentially see a rally assisted by the bulls. The local support line for ETH is at $1,260; if it breaks, the altcoin will fall to the $1,200 level. If ETH currently loses momentum. The low volume of Ethereum exchanged in the most recent session showed fewer buyers.
As sellers maintained dominance, ETH showed a bearish technical view. Despite attempts by buyers to recoup on the chart, there was intense selling pressure. Even if the signal increased, the Relative Strength Index was below the 50-line.
Unlike sellers on the one-day chart, this showed that buying strength was weak. Sellers were pushing the price momentum because the price of ether fell below the 20-SMA line. Another clear sign of bearishness.
The Moving Average Convergence Divergence
As Ethereum showed buy signs, the altcoin also showed mixed trade signals. The Moving Average Convergence Divergence displays the asset’s price movement and direction. As a buy sign, the MACD underwent a bullish crossover and created little green signal bars.
The Directional Movement Index show direction and strength of price. As -DI was greater than +DI, DMI was negative. The current price momentum is strong, as seen by the Average Directional Index. The index was getting near the 40-point level.