The price of Ethereum (ETH) will remain calm on Monday, extending the weekend’s low price action. However, Ether, the original currency of the Ethereum blockchain, could gain the advantage after the new lowest average transaction costs crossed the wire.
Ethereum (ETH) price starts the new trading week on a muted note. Expect a 25% increase from current levels if the support zone holds. The 24-hour trading volume stands at $10,041,124,241, down nearly 2%.
According to the latest report, average transaction costs on the Ethereum network have fallen to their lowest level in four months. Last time, it was mid-September that the fee was this low, as the average fees fell to roughly $15.13 per transfer. Investors are looking at the increased scalability and lower transaction costs that could boost the altcoin’s near-term prospects.
Ethereum at a crossroads on the daily chart
On the daily chart, after testing highs of $3,284.75 on Thursday, Ethereum (ETH) has found some intermediate support near USD 2,800. But at the same time as the price decrease, the volumes have also decreased. This indicates that investors are no longer interested in the liquidation. Rather look for optimistic opportunities near the reliable support zone.
Source: Trade View
The price has flipped near the crucial USD 2,800 support zone. In September, ETH peaked in November and in August, ETH tested the highs of $4,030.35 on September 3. This makes the said level a trusted demand zone for the pair.
If the price can hold the session low, ETH bulls could jump towards $3,000k immediately. Furthermore, a decisive break above the 50-day Simple Moving Average (SMA) at $3,098.46 could break the bearish slopping line from the highs of $4,867.81.
EHT has been rejected several times near the said bearish line, so it would be interesting to see if that could happen this time.
On the downside, a resurgence in selling pressures will prompt Eth to seek immediate support towards the USD 2,500 consolidated range at the end of January.
Technical indicators:
RSI: The Relative Strength Index (RSI) has given the bearish crossover and stands at 44.
MACD: Moving Average Convergence Divergence (MACD) holds above the midline with a neutral stance.
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This post Ethereum (ETH) Price Today: Price Consolidates Nearly $2,800, Sets Eye On 50 SMA
was published first on https://coingape.com/markets/ethereum-eth-price-today-price-consolidates-near-2800-sets-eye-on-50-sma/
