Despite a bearish sentiment in the crypto industry, the leader of altcoins, Ethereum, continues to display neutral price action, indicating mixed sentiments in the market. The ETH price has experienced a change of less than 2% over the last week.
The Ethereum price constantly traded in a consolidated range between $2,137 and $2,248 for a while, following which the bulls gained momentum, and the price broke out of the range. However, the rally was short-lived as the bulls faced rejection at $2,342, following which the price traded sideways for a while.
As the bearish sentiment increased, the price faced a pullback within the range where it traded for about a week. After multiple attempts, the bulls broke out of the range and recorded a jump of approximately 5% before facing another rejection at $2,342.
The price then started trading in a descending pattern and tested its support level of $2,200, but the bulls held the price strong, resulting in a bounce back. The ETH price jumped over 11% within the next 24 hours, after which it faced restriction at $2,450.
Following this, the leader of altcoins recorded a correction of over 8% in its valuation and traded sideways for a while. As the market gained momentum, the ETH price made another attempt to breach its key resistance level at $2,450 but faced rejection, highlighting a strong liquidation point at that level.
After this, Altcoin experienced massive sales, resulting in a correction of over 8%. Since then, the price has been trading sideways in a closed range between $2,200 and $2,248, suggesting weak buying and selling pressure in the market.
Negatively, the Cross EMA 50-day is a resistance line to the price chart, indicating a bear power in the crypto space.
Will The ETH Price Recover?
The Moving Average Convergence Divergence (MACD) displays a minor rise in the histogram, indicating an increase in the buying pressure. Further, the averages show a bullish convergence, highlighting the price may undergo massive price action in the coming time.
If the bulls break out of their important resistance level at $2,248, the ETH price will regain momentum and test its upper resistance level of $2,300 this week. Maintaining the price at that level will set the stage for the ETH price to attempt to test its resistance level of $2,342 over the coming week.
Negatively, if the bears overpowered the bulls, the Ethereum price would lose momentum and fall to test its support level of $2,200. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $2,137 in the coming time.
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