ETH price witnessed a sharp reversal from the session’s tops on Monday. The recent price action pull down the second-largest cryptocurrency to the coveted $2,000 mark. It briefly fell below the mentioned level but swiftly recovered. However, the ETH buyers keep on struggling to carry forward gains as face upside pressure.
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- ETH price upside movement lost traction as the fresh trading week begins.
- The recovery mode took a step back as the U.S trading session started.
- A strong red candlestick indicates the presence of the sellers at the upper level.
As of press time, ETH/USD reads at $2,000, down 6.45% for the day. The 24-hour trading volume sustains near $20,771,000,352 with gains of more than 48%.
A rise in volume along with a fall in price is a bearish sign. Thus, we advise investors to capitalize on any sell-side opportunity with proper trading levels.
ETH price looks weaker on the major time frame
ETH price attempted a bounce back from the lows of $1,701.04 made in the previous week. ETH recorded gains of 26% in four-session. But, investors should not be overwhelmed by the upside movement as due to the extreme oversold market condition, this bounce back in the price is very much anticipated.
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The dark clouds for ETH are expected to stay longer. A slip below the day’s low would bring the prevailing trend back in action. On moving downside, the first target could be the psychological $1,700 level.
On the other hand, a change in the bullish sentiment might result in a U-turn in the price. A decisive close above $2,100 would see more gains toward $2,250 followed by the horizontal resistance zone at $2,500.
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Looking at the technical indicators, the RSI (relative strength index) still holds below the average line indicating a warning sign for the buyers. The moving average convergence divergence (MACD) remains depressed with no clear directional bias.
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