Ethereum price analysis shows ETH is trading at $1,663.79 after opening today’s trading session at an intraday high of $1,703.03. Ethereum is trading in a horizontal trend; however, it is facing minor selling pressure and a rejection from the $1,700 resistance level.
Ethereum’s price action in the day has been stagnant. Ethereum is currently in a sideways trend and is looking towards breaking the $1,700 resistance level once again in order to push higher. The trading volume over the past 24 hours is $9,838,361,799, with the market cap standing at $204.2 billion.
Ethereum price analysis on a daily timeframe: Bulls hold their ground despite sell-off
Ethereum price analysis on the daily timeframe shows ETH continues to hold above the $1,600 level. The ETH/USD pair is a range-bound market and trading near its intraday low of $1,643.69. The MACD shows bearish momentum as the 12-period EMA continues to cross below the 26-period EMA. The RSI is also pointing downwards and trending below the 50-level.
ETH/USD 1-day price chart: TradingView
Ethereum is trading in a rangebound market with a support level of $1,500 and a resistance level of $1,700. A breakout above the resistance level could lead to further gains and a possible test of $2,000. On the other hand, a breakdown from the support level could lead to losses and further downside.
The bulls are currently in control as Ethereum holds above the key $1,600 level despite the minor sell-off today. A move above the $1,700 resistance level could lead to further gains in the near term. Ethereum is currently trading above all major moving averages, indicating a bullish bias in the market.
The outlook of Ethereum remains positive as long as it holds above the key $1,600 support level. The bulls are looking to break past the $1,700 resistance level in order to push higher. The next major resistance level for Ethereum is at $2,000. A break above this level could open up a path toward the $2,200 handle.
Ethereum price analysis on a 4-hour chart: ETH trades in a tight range
Ethereum price analysis on the 4-hour chart shows ETH trading in a tight range. The MACD is showing bearish momentum as the 12-period EMA crosses below the 26-period EMA. The RSI is trending just above the 50 levels, indicating that the bulls are holding their ground despite the minor correction today.
ETH/USD 4-hour price chart: TradingView
The key support and resistance levels for Ethereum on the 4-hour chart are $1,620 and $1,755. If Ethereum breaks above the $1,755 resistance level, it could lead to further gains in the near term. On the other hand, if ETH breaks below the $1,620 support level, it could lead to a further decline and a possible test of the $1,500 support level.
The 4-hour chart RSI is trending just above the 50-level, indicating that Ethereum is in a consolidative phase and could be looking toward a breakout soon while the MACD shows bearish momentum. The outlook for Ethereum remains bullish as long as it holds above the key $1,600 support level. A break above the $1,700 resistance level could lead to further gains in the near term.
Ethereum price analysis conclusion
Ethereum price analysis suggests that ETH is trading in a tight range between the $1,620 and $1,755 levels. The bulls are currently holding their ground above the key $1,600 support level despite small corrections today. Ethereum is looking to break past the $1,700 resistance in order to push higher and test the next major resistance at the $2,000 level.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve
