Ethereum [ETH] had a turbulent ride this past month, the world’s largest altcoin appeared to be stabilizing below a strong resistance area. Grinding upwards, the coin formed higher lows, as well as multiple tests of the said resistance. Its weekly gains stood at 11.29%.
The cryptocurrency market, however, faced yet another setback as the weekend dawned. The latest market correction pushed the price of the Ethereum [ETH] down by 2.80% over the past 24-hours. The crypto-asset was exchanging hands at $2,714 while holding a market cap of $313.2 billion and a 24-hour trading volume of $30.7 billion, at the time of writing.
Ethereum [ETH] Daily Price Chart:
Ethereum has been traversing within the confines of an ascending triangle since mid-May. By convention, this pattern formation signals a bullish ride for the asset which if transpired, could lead the price to break a crucial resistance area and target highs last seen before the crash.
While the 50 DMA continued to resist the ETH price, on the other hand, the 100 DMA has moved below after the subsequent upticks.
The volume of late has also gained steam which could, in fact, provide necessary traction to the token’s price.
Where is ETH headed?
The dotted markers of Parabolic SAR also shifted below the ETH price candles depicting a bullish phase for the coin. The green closing bars of Awesome Oscillator also depicted a positive momentum in ETH’s price movement. The RSI was on track to make a headway above the 50-median line that demonstrated the increasing buying sentiment in the market.
The bearishness has considerably declined in the market as the altcoin remained rangebound. If Ethereum manages to break the trend of continued selling at overhead resistance, the crucial resistances it could potentially reclaim previously established highs by targeting points such as $3,517, and $4.170.
The support levels, on the other hand, were found to be at $2,390, $2,096, and $1,424 respectively.