- Ethereum price currently trading at $594 showing a 3.67 decline from day’s opening price.
- Short-term support indicates potential for bullish turnover.
- Both MACD and RSI suggest price will retest resistance level at $620.
Ethereum price prediction: Today’s price overview.
Ethereum price opened at $616.84 with a slight bearish momentum that defined the price action for the day. Although the buyers attempted to start a bullish rally, the momentum remained low, and bears dominated the markets. Currently, Ethereum price is at $583.99, showing a 5.30 percent decline from the day’s opening price.
Ethereum price over the last 24 hours
Ethereum price started with slight bearish momentum that caused the price to decline to support above the $600 mark. The price remained consolidated between $600 and $615 until 09:00 UTC as the bulls and bears struggled for dominance. At 09:00 UTC, the bulls took control of the markets as the price rose above $630; however, the momentum was short-lived as the price immediately crashed.
The price declined to $555 before finding a strong support level to bounce back. The buyers made another attempt at charging above the $610 level but were met with strong resistance at the $620 level, which rejected the price once again. Since then, the price has continued to decline until recently. Currently, the nearest support level lies at $583, while further below, strong support can be found at the $570 level.
On the technical indicators, the MACD shows declining bearish momentum with signs of a bullish turnover as the two EMAs converge. Meanwhile, the RSI is hovering close to the 30.00 level, suggesting that further downwards movement may make the asset underpriced.
With supportive indicators and firm support, traders can expect the price to cross above $600 to retest resistance levels at $620 and $630.
ETH USD long-term trend analysis
Ethereum price started the year with bullish candles as the markets recovered from the loss of late 2019. The price seemed to have found support at $115 in mid-December and consolidated at the level until the bulls gathered momentum. In January, the price action remained bullish as the price rose from $128 to $178 in the period. The momentum only increased in February as the price sharply rose to $287 but failed to close at the level and subsequently declined.
The sharp rejection sent the price crashing to below $100, but the bulls found support at the level and quickly stabilized the price action. From late-March to early-May, the price moved inside an ascending channel as bulls remained firmly in control of the price movements. In May, the price action briefly became bearish as the bullish momentum was exhausted. However, the price found support at $175 and rose above the $200 mark.
Between mid-May to late-July, the price remained consolidated between $200 and $255 as neither the bulls nor the bears could take complete control of the price action. However, the price rose sharply in late-July as the bulls emerged victorious of the tussle, and the price ascended to $400 before meeting strong resistance.
Although the bulls did manage to charge above after a few attempts, the momentum was greatly exhausted, and the price could not maintain support at the level. Subsequently, the price declined to a support level above $300. The price action has been bullish since then, with a sharp increase in the price in late-November. The price crossed above $603, then declined to support at $475, before rising again. Currently, the price is hovering near the $600 mark.
On the technical indicators, the MACD shows slight bullish momentum that seems to be increasing as the two EMAs diverge. Meanwhile, although the RSI is considerably high, it has not flashed overpriced conditions since the recent correction.
The price action is currently at a crucial point, which would determine the price action for a long time. If the price manages to cross the $600 resistance level, there is significant potential for upwards movement. Conversely, the indicators suggest that the price may decline again as the bulls show signs of exhaustion.