Ethereum Price Stands at $1299 Will The Bulls Show Up Now?
Ethereum price was rejected again at the $1,299 price level as the coin fell back on its chart over the past day. In the last 24 hours, ETH has hardly seen any price movement on its chart. Continued sideways trading will push Ethereum price to the $1200 support level. Bitcoin has also remained mundane over the past 24 hours, and most altcoins have done the same. Ethereum technical outlook showed that the bulls are not in control of the market.
It was due to the constant rejection at the price of $1300. The lack of demand will cause Ethereum to oscillate between the $1,260 and $1,360 price levels respectively. If price momentum does not increase in the next few trading sessions, ETH could even dip below the $1,200 support line. For the downward pressure to go away, ETH must manage to break above $1,360. It has to trade above the mentioned level for some time.
The global cryptocurrency market cap today is $962 billion, down 0.3% over the last 24 hours.
Ethereum Price Analysis; One Day Chart
ETH is trading at $1,290 at the time of writing. The altcoin failed to surpass the $1,300 resistance level as the sellers took control. Immediate resistance was $1,300, suggesting that it could reach the $1,360 price high. A move above $1,360 will send the bulls back onto the Ethereum chart. On the other hand, local support for the altcoin stood at $1268.
If demand for the coin does not return during the next few trading sessions, Ethereum will move south. A break below the $1268 level will see the coin trade at $1200 and then $1160. The amount of Ethereum traded in the last session is down, indicating downward movement and increased selling pressure
For most of this month, the altcoin has had low buying power on its chart. The reason why it has consolidated in recent weeks. Demand for Ethereum remains low. The Relative Strength Index was below the center line, meaning buyers were exiting the market. In addition, the indicator also showed a further decrease in purchasing power as a decrease was detected.
Ethereum price traded below the 20 SMA line, indicating less demand. It also meant that sellers were fueling price momentum in the market. Technical indicators showed that the bears were in control. However, Ethereum’s price also represented a buy sign on your chart. Moving average convergence divergence indicated price momentum and direction.
MACD continued to show green histograms as a buy signal for the coin, which could mean that the coin could book gains if buyers acted accordingly. The Chaikin cash flow measures the level of capital inflows over capital outflows. The CMF was still positive as the indicator was above the midline. However, there was a drop suggesting that the indicator would turn negative during the next few trading sessions.