logo

Ethereum price analysis: Bullish momentum fades as bears attempt to re-establish control

Ethereum price analysis

TL;DR Breakdown

  • Ethereum price analysis shows a sideways trading session
  • Ethereum is still struggling to make a move higher toward $1,300
  • The immediate support is present at $1,100

Ethereum price analysis shows Ethereum (ETH) has staged a bullish reversal over the past few trading sessions, but technical indicators are hinting that bulls may be running out of steam. The world’s second-largest cryptocurrency by market capitalization closed yesterday at $1,277.56 and rallied toward $1,29.96 today before pulling back to $1,279.10 at the time of writing.

At the moment, Ethereum is caught in a sideways trading pattern as investors grapple with conflicting signals from technical indicators. On one hand, bullish momentum appears to be fading and a bearish divergence has formed between the price and the RSI on higher timeframes like the 4-hour chart. In addition, there is a support zone marked by $1,115-$1,125 that could help propel prices back toward $1,300 if bears do not gain an upper hand in the price action soon. On the other hand, ETH is still above the key support of $1,100 and the daily chart shows a bullish bias with higher lows.

Looking ahead, Ethereum price analysis shows that there are a few major catalysts in play for the rest of this weekend. The weekly candle has closed bearish from last week’s trading session, suggesting that investors might be reticent about placing new long bets at current levels.

Ethereum price analysis on a 4-hour chart: Sideways trading pattern

Ethereum price analysis on a 4-hour chart shows ETH is trading inside a sideways pattern as both bulls and bears jostle for position. The chart shows that there is immediate support at $1,115-$1,125, which could be a floor if prices dip lower in the short term. In addition, the RSI on this time frame has been steadily falling in the last 4-hours, suggesting that bears could be gaining ground.

image 35
ETH/USD 4-hour price chart, Source: Tradingview

The technical indicators on a daily chart are more bullish as ETH continues to trade above the important $1,100 support level. A bullish crossover between moving averages also signals that there is scope for gains in the short term. That being said, Ethereum price analysis shows that investors will be closely watching the weekly candle close later on Saturday and any sign of bearish momentum could keep prices in a tight range.

Ethereum price analysis on a daily chart: A bullish bias

The daily chart for ETH shows that there is a bullish bias in place with higher lows despite recent volatility. The long upper wicks and short lower wicks on previous trading sessions have formed a shooting star, which is a technical indicator suggesting that buyers could be losing control. The immediate support for ETH at $1,100 suggests that downside risks are growing with every passing day.

image 34
ETH/USD daily price chart, Source: Tradingview

Technical indicators like the RSI and Stochastic are suggesting that bullish momentum may be waning, which could signal a potential bearish break in the near future. In order to regain its upward momentum, Ethereum will need to break out of its current range and establish support at higher levels. Some possible upside targets include $1,275 and $1,320. However, if the bears manage to push prices below $1,100 again, investors should prepare for a further sell-off toward the next support level of $1,100.

Ethereum price analysis conclusion

Ethereum price analysis for today shows the bulls are still in control, but a bearish break could happen at any time. As the weekly candle close nears, investors will be closely monitoring supply levels at $1,275 and $1,120 in order to maintain their positions. Overall, the market is still in bullish territory with potential upside targets above $1,300 being a realistic possibility.

While waiting for Bitcoin to move further, see our long-term price predictions on ChainlinkVeChain, and Axie Infinity.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Ann Mugoiri

Ann Mugoiri

Ann likes to write about crypto and blockchain technology. She has been following the development of these technologies for a few years and believes that they have the potential to disrupt many industries.She has specialized in technical analysis to help cryptocurrency traders make more informed decisions.

Related News

Hot Stories

Solana price analysis: SOL on the up to target resistance at $27
Middle East and North America (MENA) venture capitalists to increase crypto investments in 2023
Avalanche price analysis: AVAX increases sharply as bullish momentum soars to $18.63
The Montreal Web3 Conference is bringing together the most iconic leaders
How To Take Advantage Of An Economic Recession

Follow Us

Industry News

Middle East and North America (MENA) venture capitalists to increase crypto investments in 2023
Court documents reveal extensive creditor list of FTX, and why are we surprised?
Mango Labs goes after Avraham Eisenberg for $47M
Just in: Dutch central bank slaps Coinbase with €3.3m fine
'Bitcoin Jesus' refuses to pay the $12m he owes Genesis

Add Your Heading Text Here