The crypto market in general remains quite lateralized, with minor fluctuations that keep those who like volatility away. The price of Ethereum does not escape this behavior, locked in a lateral range between $ 308 and $ 389 for more than 1 month. As of this writing, ETH is trading at $ 338.94 per unit.
If you are interested in knowing what can happen with the 2nd largest cryptocurrency, stay and read this post.
Ethereum price technical analysis. Long-term trend
Despite how negative Ethereum’s current behavior may be, if we look at the big picture we notice that there is not much to worry about. Even for many, the current moment is the perfect one to continue accumulating.
On the monthly ETH vs. We observe that the last few months have been really good, with a behavior that seems to have resumed the long-term uptrend, after the resistance near $ 300 was broken.
September closed as a negative month for ETH, and it continues to extend through the current month. However, this fall if we observe it from the monthly chart, it seems that it is nothing more than a totally necessary corrective process, seeking demand to start a new upward momentum.
In the weekly Ethereum price time frame, we noticed a medium-term uptrend still in place, and currently being challenged.
What I commented in previous paragraphs we can see more clearly in the weekly chart. The last few weeks have been one of correction, and this process may already be finished.
As long as the support at $ 308 is not effectively crossed, the odds remain on the bullish side.
If a new momentum begins in the medium term, the price could go to seek the resistance located at $ 619, after surpassing the more immediate one located at $ 486.55.
Short term trend
In the daily chart we see how the short-term trend has been resting lately, without a definite direction as a result of the lateral range in which the price of Ethereum is locked.
In the short term there is no clear trend at the moment, despite the fact that we are observing bearish forces intra day.
For a clear course to be defined, immediate support or resistance must be pierced. The immediate supply level is at $ 389, and the demand level at $ 308.
For now, all the odds are on the bulls’ side, so a resistance breakout is the most likely.
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