- ETH coin defended the lower trendline and bounced back.
- Buyers trying to maintain the grip on the higher swings.
Ethereum coin price is hovering below $2000 but could not attain and continue to consolidate above the 200-day EMA. The price action shows that the coin faced rejection from the supply mark of $2150, and resulted in the decline. Afterward, ETH remained below $2000, but bulls protected it from maintaining a buying range.
Although there was a breakdown in the last trading session, the ETH coin got support on the 100-day EMA mark and sustained at $1800. Buyers are trying to retest the sweet mark of $2100 again, but the negative market sentiment led the coin into a seller’s hands.
Ethereum fluctuates in the mid-band, where both sellers and buyers are in a conservative state and do not perform their best due to the reason for the neutrality of the coin. If the coin breaks the range in any direction, it will lead to either breakout or breakdown, but ETH is in a dilemma now.
The trajectory of ETH is on the upside of $2000. If the price clears the mark of $1900, momentum will increase, and traction will be gained. On the other hand, if sellers again shine, the ongoing primary support is the 200-day EMA mark which is near $1700.
When writing, the ETH coin trades at $1853.08 with an intraday gain of 1.97%, showing a bounce from the 100-day EMA. Moreover, the pair of ETH/BTC is at 0.0699 BTC, and the intraday trading volume increased by 4.70% to $10.10 billion. The day high of ETH is $1889.82, and the day-low is $1806.36. The market cap of ETH is $226.64 Billion.
Daily Charts of Ethereum
On the daily charts, ETH is in a narrow range and trying to attain momentum, but the mighty bears are maintaining their firm grips near $2000 and do not permit to start the rally above the range. This way, ETH is trading below the range and struggling to escape the range.
What Technical Indicators Say?
On the 4-hour charts, the ETH coin is showing a bounce, and the technical indicators suggest a pullback amid the corrective phase of the coin. ETH rejected from the $2000 mark in the past week and is struggling to rescue the gains.
The RSI of the coin is near 48, facing rejection from the buyers zone and dragging toward the neutral zone. Furthermore, a negative crossover was noted in the curve, leading to coin volatility.
The MACD indicator shows a bullish crossover and starts to plot green bars on the histogram.
Conclusion:
ETH coin has been showing range-bound moves in the past weeks, trying to escape above $2000 but facing rejection.
Technical Levels:
Support Levels:$1700
Resistance Levels:$1960 and $2100
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
