The leading altcoin, Ethereum (ETH), is currently trading at $2,176 and has experienced a fluctuating trajectory, amidst a persistent correction phase in the cryptocurrency market. Over the last 24 hours, it has shed over 2.55% of its value, indicating a phase of market moderation in the cryptocurrency industry.
The price of Ethereum moved within a narrow range of $1,850 to $1,920 for some time before experiencing a surge of more than 14% due to bullish momentum. However, this rise was short-lived as the coin faced immediate rejection, leading to a bearish period lasting over a week.
Ethereum went through a phase of declining double digits, dropping by more than 10%. However, the support level at $1,920 held strong, causing substantial price movements as Ethereum fluctuated between $1,920 and $2,069.
Subsequently, the coin maintained a sideways trend around the $2,069 support/resistance threshold before facing a downward slide, marking a 3% decrease. However, multiple attempts led to a robust uptrend, propelling the premier altcoin to surge by over 20% within a week, achieving a new yearly high.
After experiencing a significant increase, Ethereum’s value surged towards the resistance level of $2,400. However, the coin’s momentum eventually slowed, resulting in a subsequent price decline.
Analyzing the market through the lens of the Moving Average Convergence Divergence (MACD) indicator, a rising histogram suggests mounting buying pressure, gravitating toward neutrality. However, the averages depict a consistent decline, reflecting a mixed sentiment prevalent in the coin’s market performance.
If the bullish momentum upholds Ethereum’s price above the critical support level of $2,136, this could act as a catalyst, potentially instigating a resurgence. Such a resurgence might lay the groundwork for a conceivable attempt to breach the immediate hurdle at the $2,200 resistance threshold in the short to immediate timeframe.
Moreover, consistent stability maintenance at this level could be a significant pathway for ongoing value appreciation. This sustained upward trajectory may propel the cryptocurrency towards its intended objective, targeting the upper resistance threshold of $2,300.67 within the forthcoming week.
On the flip side, a scenario tilted in favor of bearish dominance might exert downward pressure on Ethereum’s momentum, resulting in a significant downturn. This could prompt a rigorous examination of its support level, initially testing the resilience at $2,069. Should this bearish sentiment persist, Ethereum may experience further depreciation, eventually testing its lower support base at $1,996 in the foreseeable future.
