Ethereum (ETH) price is trading with modest gains canceling out the downward momentum from the previous five sessions. Ether, the original currency of the Ethereum blockchain, is facing volatility due to ongoing geopolitical tensions between Ukraine and Russia.
The price of Ethereum (ETH) is higher on Tuesday. Expect a reversal from current levels with a 40% increase. Momentum oscillators remain neutral to warn of aggressive bids.
At press time, the second largest cryptocurrency is trading at $2,572.51, up 0.27% for the day. The 24-hour trading volume remained at $20,751,574,496 with gains over 60%. The increase in volume and the stable price indicate a delay in the upward momentum of the price.
Experts believed that Ethereum has been more volatile than bitcoin since 2018. The scalability issue has hit ETH hard, the reason behind the increasing popularity of layer 2 challengers like Polygon, reportedly more NFTs on its platform.
ETH Nearly Holds Critical Level
The price of Ethereum (ETH) is down nearly 5% since last week. Current price action suggests that ETH could move further south.
The falling trendline of the ATH made on November 10 at $4,867.81 acts as a strong upward barrier for ETH bulls. Because there have been several attempts to break the level, but the bulls failed.
Source: Trade View
Meanwhile, a resurgence in selling pressure is seen as ETH dips below the crucial 200-EMA (exponential moving average) at $3,511.57. Since then, the price has tested lows of $2,159 in 2022. ETH rose 45% to the swing highs of $3,284.75.
Now the price has gained some reliable support near $2,600, the price could bounce back to test the bearish sloped line at $3,200.
Alternatively, failing to hold the session low could yield USD 2,150 followed by USD 1,970 at the bottom.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) is below 40 as it has already fallen below the moving average.
MACD: Moving Average Convergence Divergence (MACD) falls below the midline with declining bullish momentum, indicating downside risk to the pair.
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The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
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This post Ethereum (ETH) Price Forecast: ETH Tests Weekly Lows Near $2,600, Seeks 40% Upside Risk
was published first on https://coingape.com/markets/101602-2/
