Ethereum Correction: Key Level Break Can Shift Price Course

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	399,215,929,080	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

399,215,929,080

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	65.42	2.01%	3,317.53	3,317.88	3,317.89

Price Change

Price Change %

Current Price

Bid Price

Offer

65.42

2.01%

3,317.53

3,317.88

3,317.89

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,336.42	3,239.72	3,254.47	3,252.11	1,520.85 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,336.42

3,239.72

3,254.47

3,252.11

1,520.85 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	16:50:25	0.509510	3,317.53	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

16:50:25

0.509510

3,317.53

USD

Price x Volume	Volume	Base Symbol	Related Pairs
164,288,496.33	49,812.82	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

164,288,496.33

49,812.82

Ethereum Correction: Key Level Break Can Shift Price Course

29/05/2023 5:50am

NEWSBTC

The Ethereum price has shown attempts at recovery during recent trading sessions. Over the past 24 hours, the price of this altcoin has experienced a modest increase of nearly 2%. However, when observing the weekly chart, the price has only managed to appreciate by 3%. In terms of technical analysis, the outlook has favored the bulls, with buying strength exhibiting an uptick. Additionally, both demand and accumulation have displayed positive changes. As the price began to rise, ETH successfully surpassed a significant resistance level, crossing the $1,790 mark. Related Reading: XRP Revisits $0.47 – What Can Be Expected For Short-Term Price Movement? This breakthrough has enabled the bulls to gain control of the price action. Nevertheless, an important hurdle still remains to be overcome for ETH to witness a substantial rally. Notably, with the Bitcoin price demonstrating uncertain price action, several major altcoins have struggled to surpass their key price resistance levels. As BTC surpassed $27,000, the broader market’s increased strength might also contribute to the Ethereum upward price movement on its chart. The market capitalization of Ethereum witnessed an increase in the last trading session, indicating a return of buyers to the market. Ethereum Price Analysis: One-Day Chart At the time of writing, ETH was priced at $1,840. The altcoin has exhibited gradual appreciation following its breakthrough of the $1,790 resistance level. However, ETH has experienced intermittent corrections, and in order to halt this pattern, it needs to surpass the overhead price ceiling of $1,870. Surmounting this level would pave the way for ETH to trade near $1,900. Conversely, a drop from this level would bring ETH to $1,790 and subsequently to $1,740. The volume of ETH traded in the last session appeared positive, indicating reduced selling pressure on the chart. Technical Analysis Following ETH’s breakthrough of the $1,840 price level, buyers made further attempts to reenter the market. This resulted in a shift in demand into the positive zone. Additionally, the Relative Strength Index (RSI) surged past the half-line, signaling that buyers outnumbered sellers in the market. In line with this, the ETH price also moved above the 20-Simple Moving Average (SMA) line, indicating that buyers were steering the price momentum in the market. In addition to the aforementioned technical indicators, ETH displayed further buy signals. The Moving Average Convergence Divergence (MACD) indicated the price momentum and reversals through the formation of green histograms, which were growing in size. Related Reading: Bullish Case For Litecoin Grows Stronger As LTC Halving Draws Close These expanding histograms aligned with buy signals for Ethereum. Furthermore, the Chaikin Money Flow (CMF) indicator was positive, as it remained above the half-line. This indicated that capital inflows outweighed capital outflows at the time of observation, emphasizing positive market sentiment for ETH. -Featured Image From UnSplash, Charts From TradingView.com

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

ETHUSD Ethereum