July 24, 2024

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Ethereum Mimics Bitcoin As The Bulls And Bears Tussle; Who Will Come Top?

2 min read
Ethereum Mimics Bitcoin As The Bulls And Bears Tussle; Who Will Come Top?
  • ETH’s price struggles to break above key resistance as the price continues to trade in a range mimicking the price of Bitcoin. 
  • ETH continues to struggle as price trades close to the demand zone. 
  • The price of ETH continues to look indecisive as price trades below 50 and 200 Exponential Moving Average (EMA) on the daily timeframe. 

The price of Ethereum (ETH) in recent times has looked like it has lost its steam to rally against tether (USDT) as the price has remained in a range-bound movement for over weeks. Despite the uncertainty that has befallen the crypto market in recent weeks, as the price of Bitcoin (BTC) and other crypto assets such as Ethereum (ETH) have seen a slight setback in their price movement, the price of ETH has shown little or no volatility in its price movement as many fear for the price losing its key support. (Data from Binance)

Ethereum (ETH) Price Analysis On The Weekly Chart.

The bear market has been good and favorable for most projects, as this has been a tough time as most projects have seen a price decline of over 50% and have discouraged most traders and investors from hodling these assets.  

Before the “Ethereum Merge,” the price of ETH saw an increase and rally from the price of ETH as the price outperformed BTC at the time, with many clamoring for $4,000 ETH, but this was just a mere wish.

The price of ETH after the merge has become a shadow of itself after the price rallied from a weekly low of $1,000 to a high of $2,030 before seeking a rejection in its price as the price of ETH attempts to break past the resistance at $2,030.

ETH’s price saw a decline in price from this region; the price tried to form a support at $1,600 but lost this support as the current state of the market continues to look tough and challenging. The price of ETH dropped to a low of $1,260, acting as key support as the price bounced off this region to a high of $1,300 as the price continued to hold sell-offs.

Weekly resistance for the price of ETH – $1,400.

Weekly support for the price of ETH – $1,260.

Price Analysis Of ETH On The Daily (1D) Chart

In the daily timeframe, the price of ETH continued to look indecisive as the price trends in a rectangular channel with a range-bound movement

The price of ETH was rejected from a high of $1,430 as the price saw itself move in a range as the price prepared to break either upward or downward.

The price of ETH needs to break upwards and close above this range to resume a relief bounce for its price; if the price of ETH fails to breakout, we would see $1,260-$1,300 being tapped more often and could lead to ETH trading lower if these supports are broken.

Daily resistance for the ETH price – $1,400.

Daily support for the ETH price – $1,260.

Featured Image From zipmex, Charts From Tradingview