- Ethereum price analysis reveals that the cryptocurrency is in mildly hot waters.
- Ethereum followed Bitcoin into the flash crash and has been struggling since.
- Strong support is currently found at the $3,370 mark.
- Strong resistance is currently found at the $3,500 mark.
Ethereum price analysis shows that the queen of cryptocurrency has been suffering from the same issues as the king Bitcoin ever since the flash crash on the 7th of September. Ethereum price recovered to the same level as the current price, i.e., $3,390 mark on the day of the flash crash, and has been trading within the same range ever since. During the past 24 hours, Ethereum’s price fell by 4.37 percent, while the cryptocurrency has lost 12.83 percent of value over the past seven-days trend.
Ethereum price analysis 1-day candlestick show bearish control
The one-day Ethereum price analysis chart shows bearish signals controlling the current price movement. The upper Bollinger band is found at the $4,050 mark, also showing the strongest resistance point with a slight decrease in volatility when compared to the past few days. The queen of cryptocurrency is largely bearish on the chart since both the nine-day moving average (MA) and the Bollinger bands’ average are posing resistance to the price movement.
The nine-day MA is found at the $3,692 mark, while the Bollinger bands’ average is found at the $3,476 mark. Whereas the lower Bollinger band is found below the price, acting as the strongest support mark at the $2,902 value. The relative strength index (RSI) is also showing a neutral score of 50, providing an equal opportunity to bulls and bears.
ETH/USD 4 hour chart reconfirms low volatility
On the four-hour Ethereum price analysis chart, ETH further reconfirms the lowering volatility and chances for bullish short sprints at the time of writing. The 24-hours loss has slightly decreased to 3.45 percent while writing this analysis. The upper Bollinger band is found at the $3,736 mark, also posing the strongest resistance point. While the lower Bollinger band poses the strongest support point at the $3,223 mark.
Both the nine-day MA and the Bollinger bands’ average are also found in the resistance zone, with the Bollinger bands’ value standing at the $3,479 mark and the nine-day MA value standing at the $3,457 mark. The relative strength index is slightly decreased compared to the one-day chart, with a score of 37.44 providing more opportunity to the bullish side.
Ethereum price analysis conclusion
Ethereum price analysis reveals that the queen of cryptocurrency is struggling in an overall bearish market to make short bullish strides. The market had crashed after a three billion dollar derivative’s liquidation on the Bitcoin network. With such a huge whale movement, the market is likely to stay stuck for at least a week or two before rising up to the previous levels. If the current support persists, Ethereum can overcome the next resistance at the $3,500 mark. However, if the current support falters, Ethereum is likely to fall below the $3,300 level, or even $3,200 is likely.