Buy $GGsLow Volume Downfall Suggests Ethereum Price Should Rise Back To $1400
Ethereum’s price fell with decreasing volume for three consecutive days, suggesting a temporary slump. Moreover, the altcoin showing price sustainability above the $1245 mark indicates a high possibility for a bullish recovery and a bull run $1410 barrier. But will the price follow up on this recovery, or we resume the prevailing downtrend?
Key points:
- The $1410 mark stands as a strong resistance level for bullish growth
- The 20-and-50-day EMA bearish crossover would encourage more sellers for the coin
- The intraday trading volume in Ethereum is $10 Billion, indicating a loss of 16.5%.
Source- Tradingview
Amid the recent sell-off in the crypto market, the Ethereum price breached the monthly support of $1245. This massive breakdown indicated the sellers’ were ready to drive the prices to lower levels.
However, with the recent CPI data releasing better than expected, the market crypto witnessed a significant inflow on November 10th. As a result, the temporary pullback reclaimed the breached support and offset this week’s bearish breakdown.
Nonetheless, amid sustained selling on the weekend, the Ethereum price dropped 4% in the last four days and tried to sustain above the $1245 mark. However, the decreasing volume in falling prices indicates bearish momentum is currently weak. Moreover, the lower price rejection candle at $1245 indicates the buyers obtained a suitable which could drive the prices 14% higher to hit the $1410 resistance.
On a contrary note, a daily candle below $1245 will intensify the bearish momentum for the resumption of prior correction. The post-breakdown fall could plunge the prices 18.5% lower to hit the $1000 psychological mark.
Technical indicator-
EMAs: the downsloping EMAs(20 and 50) accumulated near the $1410 mark, strengthening this horizontal level’s resistance power.
MACD indicator: the MACD and signal line entering bearish territory with a long spread indicate growth in underlying bearishness. Moreover, this breakdown should welcome more sellers into the market.
Ethereum intraday price levels
- Spot price: $1251
- Trend: Bullish
- Volatility: Medium
- Resistance level- $1400 and $1500
- Support level- $1245 and $1000
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