The Ethereum price has begun to show signals of appreciation on the chart again after a period of decline. The cryptocurrency has broken out above a key recovery zone, suggesting the bulls attempt to retake the market.
Ethereum’s price has risen by a negligible 0.2% during the last 24 hours. However, on the weekly time frame, it has managed to recover most of its losses.
Ethereum is trading close to a crucial support line, but another push from the bears might send the cryptocurrency tumbling below that level.
Most other cryptocurrencies’ pricing charts show similar price swings due to Bitcoin’s volatility. Even though Ethereum has been trending upward recently, it will be essential for purchasing pressure to strengthen if the price continues to rise in the subsequent trading sessions. The bears are still in charge from a technical standpoint, and the bulls are having trouble keeping up with the market.
The figure shows persistently low levels of demand and accumulation. Ethereum’s market value has also dropped, which shows declining purchasing power according to the coin’s one-day chart.
Ethereum (ETH) has been showing signs of recovery over the previous several days and is now trading around $1,730 at press time. The alternative currency continued to trade close to a key support line of around $1,717. Upwards momentum was halted by $1,770 in opposition. If demand picks up, Ethereum might go towards $1,740.
To restore momentum, though, the bulls need to break above $1,770. Ethereum (ETH) might go below the $1,717 support and trade around $1,710 if the current price level sees a dip.
The volume of ETH trades in the previous session was negative, reflecting increased selling pressure. Ethereum has tried to turn things around after entering the oversold zone. But there hasn’t been much of a surge in interest in ETH. As the Relative Strength Index (RSI) continues to fall below the 50 levels, it is clear that sellers are gaining momentum.
ETH’s price has also fallen below its 20-Simple Moving Average (SMA), indicating that sellers have been exerting market impetus.
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