Table of Contents
What is Ethereum (ETH) Doing Right Now?
Ethereum is currently trading around the $1,210 mark and is trying to gain some bullish momentum on the lower timeframes. It can be noticed that the price has gone up a little since yesterday, but the momentum is still bearish, and we can expect Ethereum to drop in the coming days. The main resistance we are watching for ETH right now is still the $1,280 mark. As long as the price is trading below this level, bulls will likely stay on the sidelines. Let’s take a quick look at the latest 1-hour charts for Bitcoin to see where the price could be headed in the immediate short term.
You can trade Bitcoin & Ethereum with leverage on Bybit. By using our link, you can get up to a $4,450 bonus. (Bonus may vary based on deposit amount)
Analyzing the 1-hour Charts
The support level we are currently watching for Ethereum on the 1-hour Timeframe is the $1,160 mark. It is an area that was previously acting as resistance for ETH but has now flipped into resistance. We can also notice that the price is currently bouncing from this level.
Right now, it looks like the price is trying to challenge the $1,280 mark once again. However, it is unlikely as the trading volume is still quite low, and things are looking overall bearish for Ethereum. It will likely face rejection at the rising wedge it broke below yesterday.
This bearish scenario will likely play out, and the support we will be watching for ETH in that scenario is the $1,050 mark. It is also likely that once the price drops, we will see it drop into three figures in the coming weeks.
Conclusion: Final Verdict on Ethereum (ETH)
We can clearly notice that Ethereum is struggling to gain bullish momentum on the lower timeframes and could fall once again in the short term. There is not enough trading volume, and buyers seem to be holding back due to extreme fear in the market. Bitcoin is also on the same track currently, and we can expect further correction for the crypto giant as well. Right now, we will not be placing any long trades on either Bitcoin or Ethereum and will wait for the next significant move.
Margin Trading for Beginners
If you are interested in leverage trading Bitcoin, you can go through our Margin Trading Guide to learn more about it. You can also check our list of top crypto exchanges to choose the platform that best suits your needs.
PrimeXBT Covesting: Copy Trading
Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim a bonus of up to $7000 by using the promo code “bitcoinsensus50” with our link.
[primexbt]
