Ehtereum (ETH) Price Looks Exhausted Near $3,200, Is Upside Over!

Rekha chauhan
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Ethereum’s (ETH) price trades lower on Tuesday after testing the $3,200 mark over the past two weeks. Investors remain reclusive to place fresh aggressive bids around the current levels.

  • Ethereum pauses the gains on Tuesday after extending gains for consecutive five sessions.
  • A decisive break above $3,200 could bring more buying opportunities in the pair.
  • The price sits comfortably above $50 DMA.

Ether, the native coin of Ethereum is the second-largest cryptocurrency with the current market cap of $364,725,828,783.

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Ethereum might retreat toward $2,800

On the daily chart, Ethereum’s (ETH) price has gained bullish momentum and manages to close above $3,200. Currently, ETH is hovering near the same level without a strong conviction to maintain the upside momentum. The investors flipped near the support-turned-resistance zone. The volumes have been supportive towards the upside momentum in the price.

Source: Trading view

However, the formation of the ‘Symmetrical triangle’ formation indicates indecision among investors. ETH would retreat toward the $2,800 horizontal support line if the triangle breakouts on the lower side.

The current bias for Ethereum is bearish in the short term. ETH is losing momentum as the volume is also declining, which is supporting the current down look for the pair.

The Daily Relative Strength Index (RSI) trades at   54. But the momentum indicator retreated from 57, which shows investors receding buying interest in the pair.

Furthermore, ETH is already struggling below the 50 DMA at $3,225.31 indicating challenges for the buyers. A decisive break below the $2,800 level could intensify the selling pressure toward the $2,400 horizontal support line.

Alternatively, if the breakout happens toward the upper end then the first target could be found at the $3,600 horizontal resistance level. As ETH  breached the mentioned level the sentiment would turn in the favor of bulls and could jump toward the psychological level of $4,012.

 

 

 

 

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.