Ethereum (ETH) has recently witnessed significant price fluctuations and is currently being traded at $3,037. The intraday range has varied between $2,803 and $3,096, with a market capitalization of $364 billion.
The 1-hour ETH/USD chart displays a recent upward trend that began at $2,803, marked by a notable bullish candle that reached $3,096 before experiencing a minor pullback. The presence of a bullish engulfing pattern suggests the potential continuation of this upward trend, although the recent drops indicate a period of consolidation. Volume analysis reveals a spike during the bullish move, but diminishing volume during consolidation implies that the uptrend may persist if volume increases.
On the 4-hour ETH/USD chart, ether confirms a downward trend, having recently rebounded from the $2,803 low. A strong upswing on July 8 indicates a significant bullish move, possibly indicating a short-term reversal. However, recent candles with small bodies and wicks also indicate indecision. Volume analysis supports this bullish move with higher volume, suggesting genuine buying interest.
The daily chart illustrates a clear downtrend over the past month, with ETH declining from approximately $3,889 to a low of $2,803. The recent upswing signals a potential reversal, indicating buying interest at lower levels. Although volume spikes during the downturns indicate strong selling pressure, recent upticks accompanied by significant volume suggest that buyers are entering the market.
Oscillators present a mixed picture: the relative strength index (RSI) at 35.8 and the average directional index (ADX) at 34.4 are neutral, while the commodity channel index (CCI) at -147.7 and momentum at -331.7 suggest a bullish signal. Conversely, the moving average convergence divergence (MACD) level at -134.4 signals a sell.
Moving averages (MAs) consistently indicate a bearish trend, with all short to long-term moving averages, including exponential moving averages (EMAs) and simple moving averages (SMAs), signaling bearish sentiment across various timeframes. This emphasizes a strong bearish sentiment. Similar to bitcoin, ether remains below the long-term 200 MAs.
Bull Verdict:
If ethereum can maintain a price above $3,000 and experience an increase in volume, it suggests the potential for a short-term bullish reversal, with targets set at $3,096 and potentially $3,200.
Bear Verdict:
Should ethereum fail to sustain its price above $2,950, it may retest the support level at $2,800. Continued selling pressure below $2,800 could indicate further downside, reinforcing the current bearish trend.
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