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What is Ethereum (ETH) Doing Right Now?
Ethereum is currently trading around the $1,100 mark and is struggling to gain momentum on the lower timeframes. The price is facing resistance around the $1,160 mark and has already rejected the area thrice this week. Ethereum charts also look quite similar to Bitcoin (read our latest BTC price analysis here), which mainly shows that the market is going sideways. Also, how ETH moves in the coming hours and days will also depend a lot on Bitcoin. Let’s take a quick look at the latest Ethereum charts to see where the price will be heading next.
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Analyzing the Charts
If we take a look at the latest 1-hour charts for Ethereum, we can see that the price is currently hovering between the resistance at $1,160 and the support at $1,060.
We can see that the price has already rejected the resistance at $1,160 three times and might also break below $1,060 in the coming hours.
However, if we switch to a 2-hour timeframe, we can also notice an inverse head & shoulders pattern for Ethereum.
The probability of this inverse head & shoulders playing out is more on the negative side as the volume is low and the buyers are not pushing at the moment.
If we see some bullish momentum for ETH, the next level we will be watching for it is around the $1,250 mark.
Otherwise, the price is headed towards the $1,160 mark again, and another rejection could trigger a sell-off. We can expect ETH to drop to the previous bottom around the $905 mark.
Conclusion: The Final Verdict on Ethereum (ETH)
Ethereum is currently in an indecisive territory and could drop further in the coming hours or days. There has been plenty of sideways movement over the past few days, but the price is also facing consistent rejection around the $1,160 mark. Due to selling pressure around this mark, we expect ETH to fall further soon. However, we will not be placing any trade at the moment and will wait for the price to move out of this consolidation zone.
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