Ethereum price is moving in the same direction as the wider market. Over the past 24 hours, Ethereum has risen 2.5%. In the weekly timeframe, altcoins have rarely recorded movements. This reflects the lateral trading of ETH.
In the short term, altcoins may be registering an uptrend, but as the technicals show, the coin may fall again before it rises. Accumulation is fairly low on the chart. A significant increase in buying activity is needed for ETH to break through his $1,300 price.
ETH was comfortably above the $1,220 price, but buying strength is weakening on the daily chart. For Ethereum to target his $1,300, it needs to continue trading above the $1,240 and his $1,250 price levels. The bulls lose their strength when the Ethereum price breaks below his $1,240 level and closes near $1,230. This drop in price could push it up to $1,300.
Ethereum Price Analysis: 1-Day Chart
ETH was trading at $1,275 at the time of writing. The coin is currently consolidating after reversing the $1,240 level as support. Ethereum’s immediate resistance was at $1,290. The coin is expected to retreat at that level.
However, ETH should not exceed $1,250 to avoid significant loss of value. The bulls should keep him defending the $1,250 levels with respect to the nearest support line. The amount of Ethereum traded in the last session decreased slightly, indicating a decrease in the number of buyers in the market.
In response to previous statements about low buyers, the technical outlook also paints the same picture. The Relative Strength Index is above the half-line but remains weak as it shows a downtick on the daily chart.
This measure is related to decreasing demand and accumulation. On the contrary, Ethereum price has broken above the 20 Simple Moving Average. The indicator showed that ETH was in the hands of buyers as they were driving the price momentum in the market.
The Moving Average Convergence Divergence (MACD) reflects the same sentiment as buyers still have some control over the price. MACD shows price movements and trend reversals. The indicator shows small green signal bars associated with ETH buy signals.
However, we must remember that the signal height is dropping, indicating a drop in demand. Bollinger Bands show potential price changes and volatility in the market. As the bands remain parallel, we expect Ethereum to trade within a range in the upcoming trading session.