What to know:
- Ethereum is currently trading at $2,121.68 with a trading volume of $36.73B. Its price has shown an increase of 2.87% over the last 24 hours.
- Ethereum price is currently consolidating near the strong support level at $1,950-$2,000.
- The immediate resistance level for the price is at $2,080-$2,100.
Ethereum (ETH) shows signs of a short-term rebound amid ongoing bearish conditions. After recent declines into a strong demand zone, the cryptocurrency is consolidating, indicating a potential temporary bounce. Analysts highlight that the immediate recovery could face resistance, and the market’s overall bias remains negative unless key structural levels are reclaimed.
Also Read | Cardano Price Prediction: Will ADA Reach $0.30 After Holding Support?
Ethereum Price Nears 0.80 MVRV Band Bottom
Ethereum price reached at $2,153, and had a trading volume of $36.73 billion over the last 24 hours. Its market capitalization is $256.07 billion. Its dominance over the cryptocurrency market is currently at 10.96%. Over the last 24 hours, the price of Ethereum has shown an increase of 2.87%.
According to a recent post by Ali Marteniz, the Ethereum price is currently near the 0.80 MVRV band. The analysis suggests that once ETH breaks above its Realized Price, it typically initiates a new bullish trend, hinting at a possible upside momentum in the near term.
Ethereum Faces Bearish Trend Near $2,000
According to recent technical analysis, Ethereum has entered a bearish period following a breakthrough in its support levels, forming a descending channel pattern. The asset has recently seen a sharp decline to a strong demand zone, specifically around the $1,950-$2,000 price range. The zone has seen a short-term consolidation, implying a temporary bounce in the asset before continuing its bearish trend.
Ethereum price has a short-term target around $2,080-$2,100, corresponding to previous resistance levels. This implies a temporary bounce in ETH if buying pressure continues, targeting the lower boundary of the Ichimoku cloud, which has recently become a dynamic resistance level.
Despite a temporary bounce, analysts believe ETH remains in a bearish period unless it can reclaim higher levels. The current market structure implies a short-term pullback, with $2,100 serving as a barrier for ETH.
Investors are advised to look out for the $1,950-$2,000 demand zone, as this might determine ETH’s next major move. A breakthrough past resistance levels around $2,100 might give ETH a chance to record higher gains, while a failure to hold its demand zone might result in a decline.
Also Read | XRP Struggles at $1.31: Is the Bottom Here or Just a Temporary Dip?
Be the first to comment