Over the last 24 hours, Ethereum has experienced a modest 0.2% increase in price. But on the weekly chart, it has successfully reversed most of its previous losses.
However, it is important to note that Ethereum is still trading near a vital support line and another push from the bears can make the altcoin potentially drop below its immediate support level.
The volatility of Bitcoin has had a similar impact on most altcoins causing them to exhibit comparable price movements on their respective charts.
Related Reading: Bullish Signal: Bitcoin Realized Profit And Loss Fall To October 2020 Levels
Ethereum Price Analysis: One-Day Chart
Ethereum’s Current Price Level and Resistance Points
At present time , Ethereum (ETH) trades at $1,730 which indicates some signs of recovery over recent days . It remains close proximity with significant support line at $1,717. On the upside , there is an overhead resistance at $1,770 . If buying strength strengthens then Ethereum may aim for the level of $1,740.
However , in order for bulls to regain control a move above $1,770 would be beneficial. Conversely if current price level experiences decline ETH could drop below the support of 1717 and potentially trade around 1710.
Unfortunately tradingSponsored Product volume of ETH in last session was red indicating more selling pressure in market.
Furthermore price of ETH moved below 20-Simple Moving Average(SMA) line suggesting that sellers have been driving momentum in market
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Although it’s worth noting that the signals were declining suggesting potential turnaround in price in upcoming tradingSponsored Product sessions
On the other hand,Chaikin Money Flow(CMF) indicated decrease in capital inflows as it remained below half-line.This decrease buying interest for ETH may further contribute to bearish sentiment.
Featured Image From Unsplash , Charts from TradingSponsored Product View.com
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