- Ethereum price analysis suggests sideways movement
- ETH faces resistance at the $3600 mark
- The closest support level lies at $3400
The Ethereum price analysis shows that while the bearish momentum caused the price to fall to the $3400 mark, the bulls defended the level further prolonging the consolidation channel. Currently, ETH is oscillating between the $3,400 and the $3,600 marks with little to no movement beyond the channel.
The broader cryptocurrency market observes a bearish market sentiment over the last 24-hours as most major cryptocurrencies record negative price movements. Major players include ICP and Polkadot recording a 4.39 and a 3.45 percent decline respectively.
Ethereum price analysis: Bears dominate but bulls remain resilient
Across the technical indicators, the MACD is currently bearish as exhibited by the red histogram showing seller dominance at press time. The indicator observed a bearish crossover two days ago and has remained red since. However, the recent hours have observed a decline in bearish momentum as ETH finds short-term support at the $3400 mark.
The EMAs are currently moving downwards showing strong selling activity in the markets. However, as the price action finds support the 12-EMA has started changing towards the upwards direction suggesting a convergence with the 26-EMA.
The RSI has remained neutral for the last ten days since briefly dipping to the oversold region on September 7. Currently, the RSI trades close to the mean level at 47.69 index units showing low bearish dominance. The indicator is currently moving horizontally suggesting low trade activity at press time. However, the indicator’s mean position leaves room for sharp price movement in either direction.
The Bollinger Bands are currently narrow but do not show further convergence or divergence. Instead, both the indicator’s upper and lower limits move along the x-axis suggesting a neutral price action at press time. The indicator suggests market uncertainty as traders remain confused and continue speculating.
Technical analysis for ETH/USDT
Overall, the 4-hour Ethereum price analysis issues a sell signal with 11 of the 26 major technical indicators suggesting a downwards movement for ETH across the timeframe. On the other hand, only five indicators issue support for the bulls suggesting low buyer activity in the markets. At the same time, ten indicators remain neutral and do not issue support for either side of the market.
The 24-hour Ethereum price analysis does not share this sentiment but instead shows support to the bulls with 12 indicators issuing buy signals. The analysis presents a positive outlook for ETH across the mid-term charts. On the other hand, five indicators suggest a downwards movement showing a low bullish presence at the current price level. Meanwhile, the remaining nine indicators sit on the fence and do not issue any signals at press time.
What to expect from the Ethereum price analysis?
The Ethereum price analysis suggests further sideways movement as the short-term technical indicators show uncertainty in the markets. The mid-term technical analyses disagreeing with each other only heightens the market confusion. With the trade volume being relatively low it can be said that the traders are currently speculating ETH and not participating actively. As such, one can expect the price to continue between $3,400 and the $3,600 mark with a potential drop to $3,200.
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