Published 2 hours ago
Ethereum price analysis is positive for today. The price is scaling higher but the momentum is being slowed down. ETH remains steady at around the $1,900 resistance level. The current price action indicates consolidation or range-bound movement but with a positive bias.
As of press time, ETH/USD is reading at $1,901, up 1.09% for the day. The 24-hour trading volume has declined by 33.23%, totaling above $16 billion. The total market cap of the second largest cryptocurrency held around $229.47 billion.
- Ethereum price analysis edges higher for the third straight day.
- The price is struggling above $1,910 looking for upside continuation.
- A daily candlestick below $1,850 could invalidate the bullish outlook.
ETH price looks for upside continuation
On the four-hour chart, the consolidation seems to be happening near the higher levels. Ethereum price action has traded with strong upside momentum since the week begins. The price hit $1,900 in the previous trading session and continued to stick around.
The price tested the $0.23% Fibo. retracement level at $1,850, the same level tested twice, and the price bounced back after tagging the low.
A renewed buying pressure could push ETH higher above the swing highs. The formation of a Doji candlestick suggests consolidation as the bulls seem to be exhausted. Over the past few hours, the buying momentum slows down but the price remains supported near $1,850.
On moving higher, the ETH bulls could test the psychological $2,000 mark.
The Moving Average Convergence Divergence (MACD) hovers above the mid-line with a bullish crossover on August 10. The histogram declines from bullish to neutral indicating a receding bullish momentum. However, the oscillator still remains above the trigger line. Any uptick in the indicator will advocate for the bullish outlook.
On the flip side, a drop below the $1,850 level would negate any bullish outlook on the asset. In that case. the bears would drag the price toward $1,760.
On the hourly time frame, the Ethereum price formed a broadening pattern. It signifies a big move on either side with increasing price volatility.
Also read: https://coingape.com/ethereum-foundation-merge-target-date-might-not-be-september-15/
The price is raking support above the 20-day exponential moving average, indicating the price might continue to move higher. ETH buyers would target $1,960 followed by the $2,000 level.
The price is hovering near the $1,900 level for the past few hours. A spike in sell order could initiate a fresh round of selling in ETH. The bears could test the $1,800 horizontal support level if the $1,850 support is broken on an hourly basis as per the contrarian view.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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