- Ethereum price is expected to observe sideways movement around $2600.
- The closest support level lies at $2600 and further below at the $2500 mark.
- ETH faces resistance at the $2650 mark.
After finally climbing past the $2650 mark, Ethereum price failed to continue its bullish rally and the price has dropped to just above $2570.While the price at press time price holds just above $2570, the bearish pressure is increasing and the price may fall further in the immediate future if the selling continues.
The broader cryptocurrency market enjoys a bullish sentiment across the last seven days with most major cryptocurrencies recording profits across the timeframe. Major Players include DOGE, and ADA that record a 8.81 and a 4.22 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 0.5 and a 9.21 percent hike respectively.
Technical indicators for ETH/USDT
Across the technical indicators, the MACD shows a declining bullish momentum. While the histogram is still green at the time of writing, the histogram’s size has decreased significantly as the price struggled to climb at the 85.00 mark. While the 12-EMA still trades above the 26-EMA, the difference between the two is negligible and they may show a reversal at any time.
The RSI is currently trading in the neutral zone a little below the 60.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past week. At press time the RSI has had a small spike towards the oversold region suggesting declining bullish momentum.
The Bollinger bands are currently wide but show convergence as the Ethereum price oscillates around the $2570 mark. The price is currently returning to the mean point away from the upper limit suggesting further convergence. At press time, the indicator suggests a further drop in volatility for the Ethereum price.
Overall, the 4-hour technical analysis issues a buy signal with 14 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only two indicators issue sell signals suggesting a bearish retracement. Meanwhile, 10 indicators sit on the fence issuing no support for either side of the market.
The 24-hour technical analysis shares this sentiment and also issues a buy signal with 16 of the 26 indicators suggesting a bullish movement against only three indicators suggest a bearish retracement. Meanwhile, seven indicators remain neutral and do not issue any signals at the time of writing
What to expect from Ethereum price?
Ethereum price action is currently consolidating at the $2,600 level before ETH moves above. The price action would stabilize at the current level for the next few candlesticks before it continues rising towards the $3,000 mark.
As such traders should expect Ethereum to observe sideways movement at the $2,600 mark before the price rises towards the $2,800 mark. The technical indicators and the mid-term technical analyses are both highly bullish further affirming to this suggestion.
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.