- Ethereum price expected to observe sideways movement at $2300
- The closest support level lies at $2200
- ETH faces resistance at the $2400 mark
After finally climbing past the $2500 mark, Ethereum price failed to continue its bullish rally, and the price has dropped to just below $2300.While the price at press time holds just below $2300, in recent hours, the bullish pressure is strong, and the price may slightly increase in the immediate future if buying continues.
The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours, with most major cryptocurrencies recording profits across the timeframe. Major player includes Ripple’s XRP, and BNB that record a 18.12 and a 9.49 percent increase respectively. Meanwhile, Bitcoin and Ethereum record a 0.36 and a 7.51 percent hike.
Technical indicators for ETH/USDT
Across the technical indicators, the MACD exhibited a bullish reversal yesterday and has remained bullish since. As the price action increased, the MACD remained high as well, suggesting high bullish momentum in the markets. Currently, while both EMAs move upwards, the 12-EMA is separating from the 26-EMA showing an increasing bullish momentum at the time of writing.
The RSI is currently trading in the neutral zone a little below the 52.00 mark but does not issue a signal. It has been in the neutral zone for the past five days. In recent hours, it has observed an upwards movement for the indicator towards the overbought region, suggesting an increasing bullish presence.
The Bollinger bands are currently wide and will expand in the future due to the presence of dark green candlesticks. The bands’ expansion suggests an increase in volatility for the Ethereum price, which is currently just below $2300.Meanwhile, as the price is above the band’s mean line, hence it will be leaning upwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a buy signal with 14 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only three indicators issue sell signals suggesting a bearish retracement. Meanwhile, nine indicators sit on the fence, issuing no support for either side of the market.
The 24-hour technical analysis shares this sentiment and also issues a buy signal with 13 of the 26 indicators suggesting a bullish movement against only three indicators which suggest a bearish retracement. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing.
What to expect from Ethereum price?
Traders should expect the Ethereum price to rise to the $2400 mark as the bulls continue. However, the lack of momentum in recent suggests that an upwards breakout is unlikely, and the price action can be expected to consolidate at the $2300 mark.
While the mid-term indicators remain bullish, a significant breakout is unlikely to happen in the next few days. However, in case of a strong rejection at the $2400 mark, Ethereum price would return to the $2100 support level.