- Ethereum is trading at $1,857 while seeing a fall of 24% in the 24-hour trading volume (press time).
- The Ethereum price recorded a 2.24% fall in the last 7 days.
Ethereum price prediction suggests that the ETH price is approaching the demand zone of the market structure. The sellers are attempting to take control of the market back from the buyers through the making of a higher high and low suggesting that bulls have a firm grip on the market. Although there is a high probability of a slight correction according to the price action.
Presently the price is approaching the demand zone on the daily chart where multiple technical indicators reflect these sentiments of investors. The market structure, price action, EMA, and Oscillators are pointing in the same direction which gives an edge to the bears present in the market. However, the price is not respecting its EMA’s rather it has been respecting its trend line for the past 7 months.
Boost in LunarCrush Levels: ETH
The majority of metrics in the LunarCrush platform is indicating that the community across the various social media platforms holds bullish regard about the token.
The total bullish sentiment metric jumped by 210.4%, whereas a sharp rise of 121.4% has also been observed in the total social engagement level. There is a slight decline in the 24h volume suggesting that a decline is observed regarding the trading activity of ETH tokens among buyers and sellers.
Significant Hike in Greed Sentiment of Investors
Investor sentiments concerning the overall cryptocurrency market are moving near the neutral zone. The current value of the sentiment index is 51 points above the neutral zone as per the Alternative(dot)me platform.
Ethereum Price Prediction: Technical Analysis on Daily Timeframe
The relative strength index (RSI) line gave a negative crossover to the 14-day SMA. The present value of the RSI is 45.76 points and the value of the 14-day SMA is 51.35 points. The RSI line is taking a bearish reversal.
At present, the stochastic RSI approached the demand zone in contrast to the RSI line. The value of the stochastic RSI is 4.10 points. The %K and %D may give an optimistic cross near the demand zone though that may not take place momentarily.
Conclusion
As per the analysis, the ETH price is moving in the supply zone of the market structure, and the oscillators are giving contrasting views. LunarCrush platform is indicating that the community across various social media platforms is bullish regarding Ethereum.
Technical Levels
Support –$1700
Resistance – $2000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.