Recent Ethereum price analysis indicates ETH’s price has been oscillating in a very tight range over the past couple of weeks. Ethereum has faced a minor pullback today following its two-day rally, which saw the cryptocurrency briefly rally near $1,250 resistance.
The price of Ethereum has been trading in a range-bound pattern between $1,200 and $1,250 over the past few weeks. The bulls have failed to clear the key resistance at $1,250 convincingly and ETH/USD could now decline towards $1,150 support.
The overall market sentiment remains bearish with ETH falling below the 20-day moving average. Ethereum is trading at $1,209.94, down by 0.75 percent after a sharp pullback from the two-day high of $1,219.The bulls need to defend the $1,170-$1,180 support area to start a fresh increase toward $1,250
Ethereum price analysis on a daily chart: Bulls need to defend the $1,170-$1,180 support
The daily chart shows that ETH has been trading in a very tight range over the past couple of weeks. The bulls managed to break above the $1,200 resistance but failed to clear the key hurdle near $1,250. The price is currently correcting lower and it could test the $1,170-$1,180 support area.
A successful close below the $1,170 level could open the doors for a larger decline toward the 50-day and 100-day moving averages at $1,100. On the upside, the bulls need to push above $1,250 to start a fresh increase in ETH/USD.
Ethereum price analysis on a daily chart reveals ETH had been consolidating in a range above the $1,200 support. However, during the last few hours, it has broken down from the range. If the bears can sustain below $1,170 support, a bigger decline toward $1,100 is probable.
The Relative Strength Index is below the 50 level, indicating the recent bearish trend. The MACD has also started to move in the bearish zone, suggesting more losses in ETH/USD.
A neutral market sentiment prevails, indicating range-bound trading in the near term. Ethereum is likely to remain within a tight range until there’s a breakout or breakdown from the current range. Meanwhile, the market volatility is low, signaling both buyers and sellers are waiting for better positions.
Ethereum price analysis on a 4-hour chart: ETH stumbles to remain above
Ethereum price analysis on a 4-hour chart shows a sudden selling pressure has pushed the price near the $1,200 support. ETH is currently trading near its 50-day and 100-day moving averages at $1,189. If it fails to stay above these supports, a larger downside correction could be on the cards toward the $1,100 support area.
On the upside, Ethereum needs to break above the $1,220 level to start a fresh increase. The overall market sentiment is bearish and the bulls need to gain momentum above the $1,200 and $1,220 levels to keep the price above its critical supports.
The Relative Strength Index on the 4-hour chart is below 50 levels indicating a bearish trend in ETH/USD. The MACD is also moving in bearish territory, suggesting more losses for ETH in the near term.
Ethereum price analysis conclusion
In conclusion, Ethereum price analysis suggests that ETH/USD could remain volatile and range-bound until it finds a clear direction. On the downside, if the bears can break below $1,170 support, a bigger decline toward $1,100 is likely. On the upside, the bulls need to break above $1,220 and $1,250 levels to start a fresh increase.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve
