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.
Ether, the native coin of Ethereum is the second-largest cryptocurrency with the current market cap of $364,725,828,783.
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.
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.
HBAR price rose by 2.4% today, Oct. 24, mirroring the performance of the crypto market…
The Chainlink price has maintained steady traction near $17.6, with on-chain accumulation strengthening investor confidence.…
The Sui price has recently drawn investor interest after rebounding from a key demand zone,…
The PUMP price has regained market attention following renewed whale activity and a confirmed breakout…
Dogecoin price has crashed in the past few weeks as it moved into a bear…
The Solana price has regained stability above $180 after several volatile weeks. SOL price continues…