The Ethereum price has been largely stagnant over the last 24 hours with just a 0.18% gain. But it still retains its $1,600 level from earlier this month. This clearly indicates that investors are confident in the token, and the bulls are in control. The world’s 2nd biggest cryptocurrency has been trying to break through $1700, a major resistance for the token. Investors should not expect a trend reversal until $1700 is broken and turned into support for Ether tokens.
The Ethereum token has a huge chance of reclaiming $2,000 if the price region between $1,700 and $1,800 is broken. However, there’s also an equal possibility that it could test $1,500 again instead.
In the last 24 hours, trading volume for this coin has decreased 6%, and the market cap is up 0.02%. This token’s volume and market capitalization is very low (0.0755), while its overall dominance increased by 18.60%.
Ethereum Price Analysis
Investors should brace themselves for lower prices since the RSI indicator readings fall below 61. MACD Line Signals that a Bearish Divergence is confirmed with the MACD line breaking below the signal line as confirmation.
With Ethereum’s price action situated in the upper end of Bollinger Bands, it hints that buyers are currently in control.
Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)