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With the overall market witnessing uncertainty, the Ethereum price counts its lateral walk within a narrow range. The altcoin currently trades at the $1284 mark with an 0.72% intraday jump. If the ongoing selling pressure persists, the prices will retest the $1245 support level.
Key points:
- The Ethereum price is trapped within a no-trading zone.
- The falling price with decreasing volume indicates a possible price reversal from $1245 support
- The intraday trading volume in Ethereum is $6 Billion, indicating a loss of 16.4%.
Source- Tradingview
The Ethereum market price maintains a lateral trend between the $1247 support level and the overhead resistance of $1427. However, the declining trend within the consolidation range leads to a descending triangle pattern in the daily chart.
The downtrend is maintained under check with the 20-day EMA accounting for a drop of 3.8% over the last week. Currently, the market price is close to the support level with no significant movement in the trading volume, increasing the possibility of a bearish breakdown.
In case a daily candle closes below the $1247 support level, a downtrend seems inevitable to the $1150 mark accounting for a price dump of 9.5%.
On an optimistic note, the low price rejection candle on October 12th reflects high demand pressure below the $1247 support level. Therefore, in case of a bull cycle, breaking about the resistance trendline sideline Traders can find a lucrative buying opportunity.
The bullish breakout rally of the descending triangle will reach the bearish ceiling of $1427, accounting for a price jump of 10.85% percent.
Technical indicator-
Relative Strength Index: a bullish divergence in the daily-RSI chart shows a high possibility of a trendline breakout. Moreover, the buyers will gain additional confirmation if the indicator slope jumps above the midline.
Bollinger band indicator: the Ethereum coin price moving below the indicator’s neutral line indicates that the sellers are controlling the current price movement.
Ethereum intraday price levels
- Spot price: $1324
- Trend: Sideways
- Volatility: High
- Resistance level- $1400 and $1550
- Support level- $1230 and $100
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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