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Ethereum trend analysis – ETH/USD knocks at $1,300 amid slow buying

Cryptopolitan


  • Ethereum trend analysis signals indecision as price stuck in range
  • Selling pressure increasing as ETH/USD approaches $1,250 resistance
  • The price hovers around crucial resistance levels, indicating a trend change
  • Contracting Bollinger Bands indicate a breakout is near
Cryptocurrency heat map by Coin360

TL;DR

Ethereum trend analysis is probing lower support levels at $1,200. If the bulls can hold the $1,200 pivot point, the price can cross the $1,280 level. However, the price is trading within a narrow price band, and the Bollinger Bands are contracting further. Extended contraction periods often result in a breakout, either bullish or bearish.

The Ethereum trend analysis is facing the critical.886 Fibonacci resistance that challenges the bulls to push the price higher. The whipsaw price action is further limiting the bull run as the bears sell at higher levels. Earlier, the price dropped to crucial support at $1,050, where bulls defended the fort. The short-term falling trend line is further threatening another bearish run on the Ethereum trend analysis.

The support at $1,165 is moving higher as the bulls slowly grind the ETH/USD higher. The .236 Fibonacci retracement is also at $1,160, which is giving further impetus to the bulls. The upper end of the falling trend line shows that the price will be capped at $1,295. Therefore, bulls need to muster up volumes to drive up Ethereum trend analysis.

Ethereum price movement in the last 24 hours – Bulls slowly take over

The ETH-USD short term price prediction is slowly approaching bullish territory as the price gradually moves to higher resistances. The first resistance at $1,270 is the next level to take down. The same region also represents the .886 Fibonacci retracement, and the next resistance is situated at $1,300. Bears are lined up fiercely at $1,350 and $1,390 levels, which offer strong resistance before the all-time highs.

Technical indicators hover around the midline, meaning the price can take either direction. The bullish momentum is yet to take shape as since the volumes are low entirely. The gradual price action will keep the technical indicators in check and prevent overheating. There is ample room upwards for the price to stretch beyond the Bollinger Bands.

The Stochastic RSI is the sole indicator that is promising a bullish action further. It is signaling an end of the bearish crossover. The MACD is pointing south and is yet to come out of the bearish grip. The price is oscillating within a symmetrical triangle and threatening to break out towards the downward direction. The price surge in the last few hours has been unable to support a move to the higher side.

ETH/USD 4-hour chart – Undecisive market beckons bears

Ethereum trend analysis – ETH/USD knocks at $1,300 amid slow buying 2
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Ethereum price chart by TradingView

The 4-hour chart of ETH/USD is unclear about the future course of action. The price cannot chart another bull run until it breaks out of the bearish hold within the Bollinger Bands. The consistent rejection from the Bollinger Bands’ upper end at $1,270 can trigger a bear run as the market exhausts waiting for a signal.

A pattern of surges and declines is emerging on the hourly charts. The ascending price channel is now turning neutral as the price accelerates and then decelerates within a short time frame. The bullish asymmetrical triangle is unable to take full shape to give a clear signal to the bulls. At the time of writing, the ETH/USD pair is trading at $1,237.

Besides the hourly timeframes, the daily trend is still very much bullish. The price has taken a decent journey from $900 lows to the current $1,219 level. The weekly support has also moved up to $900 and gives impetus to the long-term investors. Even if it starts, the bearish run won’t last as long as the overall Ethereum trend analysis remains bullish. Maybe the price may touch lower supports under $1,200 and reach $1,146 to provide another buying opportunity to the bulls.

Ethereum trend analysis conclusion – Traders await breakout for their next move

The 50-day simple moving average is still lower than the current price meaning there’s a fair amount of room for the price to consolidate. Bulls can use this upward momentum to create another short-term rally that can push the price higher than resistance at $1,270. The shrinking gap between price and moving average can trigger a breakout to the higher side.

The overbought technical indicators are now toned down, and bulls can use them to their advantage. However, what is missing is the high volumes, which can only return with fundamentally positive ETH news. Ethereum trend analysis also shows that selling pressure at $1,250 will put bulls in a tight spot. The same can be confirmed on the hourly ‘Awesome Oscillator’ reading, pointing down south.

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.



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