TL;DR Breakdown
- Ethereum price currently at $735.56 with bullish movement across the last 24-hours
- Price seems to be consolidating at the $730 price level.
- ETH expected to observe sideways movement at the level before breaking upwards.
Ethereum (ETH) price is currently consolidating around the $730.00 level as the price movements oscillate around the mark. Ethereum price remains bullish across the last 7-day period as ETH observes a 20 percent increase across the timeframe.
The broader cryptocurrency market is also bullish as Bitcoin climbs above the $28,000 level. Most major cryptocurrencies have also recorded profits across the last 24-hours,
Ethereum price across the last 15 days
Ethereum price opened December 15 with slight bullish momentum that disappeared early into the day as the price continued to consolidate above the $575 price level. However, the market sentiment remained bullish, and Ethereum price left the level on December 16 to climb above the $600 level.
Ethereum price observed sharp bullish activity that carried it to the $675 resistance level. However, ETH could not break above as the resistance stomped out the bullish momentum. The price consolidated at the level for a few days before breaking below. The price retraced broke to lower support levels before eventually stabilizing at the $575.00 level.
Between December 24 and 27, Ethereum price traded with an ascending support line as price recovered to the $650 price level. This time, the buyers succeeded in breaking above, and ETH observed sharp bullish activity carrying the price above the $700 level. The price continued to ascend and only came to a rest after climbing to the $725 price level.
Since then, the price has oscillated around the $725 level with little activity in either direction.
Technical indicators
Across the technical indicators, the MACD shows slight bearish momentum as the two EMAs hover close by. The indicator may show a bullish reversal if the price closes the current candlestick above the $735.00 level.
The RSI is trading above the 60.00 mark and shows little room for further upwards movement. Similarly, the Bollinger Bands are currently converging to a squeeze suggesting that ETH may observe low volatility in the short term. However, the volatility will increase sharply after a few more candlesticks.
Traders should expect Ethereum to observe sideways movement at the current level before breaking above. However, the price may return to the $700 mark before climbing above the $750 price level.
Currently, the nearest support level lies at the $700 level and further below at $680. On the other side, the nearest resistance level is at $740 and further above at $750.
Ethereum price across the weekly frames
Across the weekly frames, ETH continues to trade inside the ascending channel it has been moving in since October began. Ethereum should be expected to continue moving in the channel as the market remains firmly bullish.
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.
