Low Volume Downfall Suggests Ethereum Price Should Rise Back To $1400

Low Volume Downfall Suggests Ethereum Price Should Rise Back To $1400


Published 1 hour ago

Ethereum’s price fell with decreasing volume for three consecutive days, suggesting a temporary slump. Therefore, if the altcoin price could sustain above the $1245 or $1100 mark in the coming week, the bullish recovery could rise higher to meet the $1410 barrier. But will the price follow up on this recovery, or we resume the prevailing downtrend?

Key points: 

  • The $1410 mark stands as a strong resistance level for bullish growth
  • The 20-and-50-day EMA bearish crossover would encourage more sellers for the coin
  • The intraday trading volume in Ethereum is $10 Billion, indicating a loss of 16.5%. 

Ethereum Price ChartSource- Tradingview

Amid the recent sell-off in the crypto market, the Ethereum price breached the monthly support of $1245. This massive breakdown indicated the sellers’ were ready to drive the prices to lower levels.

However, with the recent CPI data releasing better than expected, the market crypto witnessed a significant inflow on November 10th. As a result, the temporary pullback reclaimed the breached support and offset this week’s bearish breakdown.

Nonetheless, amid sustained selling on the weekend, the Ethereum price dropped 6% in the last three days and currently trades at $1223. Thus, a daily candle below $1245 will intensify the bearish momentum for the further price drop.

The post-breakdown fall could plunge the prices 18.5% lower to hit the $1000 psychological mark. 

However, the decreasing volume in falling prices indicates bearish momentum is currently weak. Therefore, if the buyers could push the prices above $1245, mark the bearish thesis will weaken, and the suitable launchpad of $1245 will drive the prices 14% higher to hit the $1410 resistance.

Technical indicator-

EMAs: the downsloping EMAs(20 and 50) accumulated near the $1410 mar, strengthening this horizontal level’s resistance power.

MACD indicator: the MACD and signal line entering bearish territory with a long spread indicate growth in underlying bearishness. Moreover, this breakdown should welcome more sellers into the market.

Ethereum intraday price levels

  • Spot price: $1229
  • Trend: bearish
  • Volatility: Medium
  • Resistance level- $1245 and $1344
  • Support level- $1100 and $1000

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Close Story

Source link

Share this post

Leave a Reply

Your email address will not be published. Required fields are marked *