The cryptocurrency market has been constantly recording correction in value, indicating a bearish sentiment in the industry. Further, the star altcoin, Ethereum price has lost over 3% in its valuation within the past day, suggesting a cool-off in the crypto space.
The Ethereum price traded in a narrow space between $1,850 and $1,920 for a brief period. Following multiple attempts, the bulls gained power, and the price jumped over 14%, after which the coin faced rejection. The ETH price traded under a bearish influence for over a week.
During this time, the price lost over 10% in value. The bulls held the price strong at the support level of $1,920, resulting in the price displaying significant price volatility and bouncing between the range of $1,920 and $2,069.
Following this, the price traded sideways over the support/resistance level of $2,069 for a while and recorded a loss of over 3%. After multiple attempts, the market displays a strong uptrend, resulting in the leader of altcoin, gaining over 20% in value within a week.
This resulted in the ETH price recording a new yearly high. The Ethereum price was seen hovering close to its resistance level at $2,400 for a while, after which the coin lost momentum, resulting in a price drop.
The technical indicator, MACD, displays a rising histogram toward the neutral point, indicating an increasing buying-over-selling pressure in the market. On the other hand, the averages show a constant decline in the chart, suggesting a mixed sentiment in the market for the coin.
Will The ETH Price Rise Again?
If the bulls hold the price above the support level of $2,136, the ETH price will regain momentum and prepare to test its resistance level of $2,200 soon.
Further, if the market holds the price at that level, it will continue to gain value and make a run to test its upper resistance level of $2,300.67 by the coming week.
Conversely, if the bear overpowers the bulls, the price will lose momentum and prepare to test its support level of $2,069. Moreover, if the bears continue to dominate the market, it will plunge further and test its lower support level of $1,996 in the coming time.