The cryptocurrency market has been witnessing a steady correction in value, indicating a bearish sentiment in the industry. Furthermore, the star altcoin, Ethereum price has lost over 3% in its valuation within the last day, suggesting a cooling in the crypto space.
The Ethereum price traded in a tight range between $1,850 and $1,920 for a short period of time. After several attempts, the bulls gained strength and the price jumped over 14%, after which the coin was rejected. The ETH price traded under bearish influence for over a week.
During this time, the price lost over 10% of its value. The bulls held the price strong at the support level of $1,920, causing the price to show significant price volatility and bounce between the $1,920 and $2,069 ranges.
The price then traded sideways above the support/resistance level of $2,069 for some time, posting a loss of over 3%. After several attempts, the market showed a strong uptrend, resulting in the altcoin leader gaining over 20% in value within a week.
This resulted in the ETH price hitting a new high for the year. The Ethereum price was seen hovering near its resistance level at $2,400 for a while, after which the coin lost momentum, resulting in a price drop.
The technical indicator, MACD, is showing a rising histogram towards the neutral point, indicating increasing overbought/oversold pressure in the market. On the other hand, the chart’s averages show a steady decline, indicating a mixed sentiment in the market for the coin.
Will the ETH price rise again?
If the bulls hold the price above the $2,136 support level, the ETH price will regain momentum and prepare to test the $2,200 resistance level soon.
Furthermore, if the market holds the price at this level, it will continue to gain value and make a run to test the upper resistance level of $2,300.67 by next week.
Conversely, if the bears overpower the bulls, the price will lose momentum and prepare to test its support level at $2,069. If the bears continue to dominate the market, the price will continue to fall and test its lower support level of $1,996.
