- Ethereum price analysis suggests upwards movement with gentle slope as market turns bullish
- The closest support level lies at $3,200
- ETH faces resistance at the $3,450 mark.
The Ethereum price analysis shows that the price action found a strong support level at the $3200 mark as ETH bounced swiftly to the $3400 mark. However, the price action still struggles to climb above the $3,450 mark as the selling pressure remains high at the level.
The broader cryptocurrency market has observed a bullish sentiment over the last 24-hours as most major cryptocurrencies record a positive change over the period. Major players include Filecoin (FIL) and Binance Coin (BNB) that record a 8.59 and an 6.58 percent incline, respectively.
Ethereum price analysis: Bulls resting before continuing the rally
Across the technical indicators, the MACD is bullish, as expressed by the green histogram. The indicator exhibited a crossover on September 13 and has been bullish since. While the momentum increased in the first 24 hours after the crossover, the resistance at the $3400 mark caused the price action to stagnate, and the momentum dwindled.
The EMAs are currently moving upwards, showing strong buyer activity at press time. However, the 26-EMA moves with a similar gradient suggesting an increasing selling pressure in recent hours.
The RSI is currently neutral and trades close to the indicator’s mean line at the 54.00 index level. The indicator’s current position leaves room for sharp price movement in either direction across the short-term charts. However, the indicator is currently moving horizontally, suggesting that both sides are currently struggling to gain dominance over the price action.
The Bollinger Bands are narrow and have experienced a drastic change a few days ago as the bands converged sharply on September 9 when ETH stabilized around the $3,350 mark. Since then, the indicator has remained narrow as the price oscillated around the bands’ mean line. Today the price tested the resistance at the $3,450 mark causing the bands to expand. However, the indicator continues suggesting low volatility across the short term.
Technical analysis for ETH/USDT
Overall, the 4-hour Ethereum price analysis issues a buy signal, with 11 of the 26 major technical indicators suggesting an upwards movement across the timeframe. However, the signal is weak as eight of the indicators are issuing a sell signal suggesting bearish resistance at the current price level. At the same time, ten of the indicators remain neutral and do not issue any signals at the time of writing.
The 24-hour Ethereum price analysis shares this sentiment and shows 11 indicators in favor of the bulls against six indicators supporting the bears. The analysis exhibits a negative sentiment suggesting a downwards movement for the ETH price. Meanwhile, the remaining nine indicators sit on the fence and do not support either side of the market.
What to expect from the Ethereum price analysis?
The Ethereum price analysis suggests that the bulls are currently resting before trying to break through the $3,450 mark again. The market sentiment is highly bullish following the asset’s swift recovery. The mid-term technical analyses are uncertain while the short-term indicators suggest buyer dominance across the charts. As such, traders should expect upwards movement towards the $3,500 mark. Conversely, a rejection might cause the price to fall to $3,200 with further downwards movement unlikely.
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