- Ethereum price analysis suggests further consolidation below $3,000
- The closest support level lies at $2,800
- ETH faces resistance at the $2,950 mark
The Ethereum price analysis shows that despite recovering from the $2,600 lows to climb above the $2,900 mark, ETH has failed in making a breakthrough above the $3,000 mark. However, the price has stabilized significantly in the $2,900 and observes little volatility in the past 24-hours.
The broader cryptocurrency market observes a bearish market sentiment over the last 24-hours as most major cryptocurrencies record negative price movements. Major players include DOT and SOL recording a 6.36 and a 6.25 percent decline respectively.
Ethereum price analysis: Market uncertain as speculation runs high
Across the technical indicators, the MACD is currently bullish as expressed by the green histogram. However, the indicator shows little bullish momentum as the size of the histogram is tiny at press time. As ETH continues oscillating around the $2,900 mark, the indicator would continue to observe bullish and bearish crossovers as it has in the past 2 days with the momentum consistently remaining low.
The EMAs are currently moving horizontally as ETH observes little to no market activity. The two EMAs are currently trading close to each other showing little to no divergence as traders continue speculating.
The RSI was down in the oversold region on September 21 but has shown a strong retreat to the 50.00 index level since ETH recovered to the $2,900 mark. However, the indicator is currently trading with a gentle slope suggesting little to no volatility in the markets as trade volume remains low. Regardless, the indicator’s mean position leaves room for a rally in either direction.
The Bollinger Bands are currently narrow and show horizontal movement suggesting a convergence in the short term. The price is currently trading below the mean level suggesting a downwards trend for the indicator as it converges around the $2,900 mark. Overall, the indicator suggests a dropping price volatility for ETH.
Technical analysis for ETH/USDT
Overall, the 4-hour Ethereum price analysis issues a sell signal as 12 of the 26 major technical indicators support the bears across the timeframe. On the other hand, only four indicators support the bulls showing low buying activity in the markets. Meanwhile, the remaining ten indicators sit on the fence and do not issue any signals at press time.
The 24-hour Ethereum price analysis shares this sentiment and also issues a sell signal with 13 of the indicators suggesting a downwards price movement against only four indicators supporting the bulls across the timeframe. At the same time, nine indicators remain neutral and do not support either side of the market.
What to expect from the Ethereum price analysis?
The Ethereum price analysis shows that ETH is currently observing a period of low volatility as majority of the traders speculate the market. The short-term technical indicators are unclear and the mid-term technical analyses suggest a bearish rally. However, with the trade volume remaining low, ETH can be expected to observe sideways movement below the $3,000 mark.
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