CryptoETHEthereum price bleeds on!

Ethereum price bleeds on!

The cryptocurrency market has been witnessing a steady correction in value, indicating a bearish sentiment in the industry. Furthermore, the star altcoin, Ethereum price has lost over 3% in its valuation within the last day, suggesting a cooling in the crypto space.

The Ethereum price traded in a tight range between $1,850 and $1,920 for a short period of time. After several attempts, the bulls gained strength and the price jumped over 14%, after which the coin was rejected. The ETH price traded under bearish influence for over a week.

During this time, the price lost over 10% of its value. The bulls held the price strong at the support level of $1,920, causing the price to show significant price volatility and bounce between the $1,920 and $2,069 ranges.

The price then traded sideways above the support/resistance level of $2,069 for some time, posting a loss of over 3%. After several attempts, the market showed a strong uptrend, resulting in the altcoin leader gaining over 20% in value within a week.

This resulted in the ETH price hitting a new high for the year. The Ethereum price was seen hovering near its resistance level at $2,400 for a while, after which the coin lost momentum, resulting in a price drop.

The technical indicator, MACD, is showing a rising histogram towards the neutral point, indicating increasing overbought/oversold pressure in the market. On the other hand, the chart’s averages show a steady decline, indicating a mixed sentiment in the market for the coin.

Will the ETH price rise again?

If the bulls hold the price above the $2,136 support level, the ETH price will regain momentum and prepare to test the $2,200 resistance level soon.

Furthermore, if the market holds the price at this level, it will continue to gain value and make a run to test the upper resistance level of $2,300.67 by next week.

Conversely, if the bears overpower the bulls, the price will lose momentum and prepare to test its support level at $2,069. If the bears continue to dominate the market, the price will continue to fall and test its lower support level of $1,996.

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Andrew
Andrew
Self-taught investor with over 5 years of financial trading experience Author of numerous articles for hedge funds with over $5 billion in cumulative AUM and Worked with several global financial institutions. After finding success using his financial acumen to build an investment portfolio, Andrew began writing and editing articles about the cryptocurrency space for sites such as chaincryptocoins.com, ensuring readers were kept up to date on hot topics such as Bitcoin and The latest news on digital currencies and Ethereum.

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