What is Ethereum (ETH) Doing Right Now?
Ethereum is currently trading around the $1100 mark and seems to be gaining a little bullish momentum on the micro timeframes. The price has been falling consistently for the past several days and has recently dropped to three figures before making a recovery. The crypto giant Bitcoin has also been dropping consistently, due to which there is extreme fear in the market. ETH found some support around the $900 mark and is now bouncing back from this support level. Right now, the resistance level we are watching for Ethereum is around the $1150 mark. Let’s take a quick look at the latest ETH charts to see where the price could be headed in the immediate short term.
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Analyzing the Charts
If we take a look at the latest charts for Ethereum, we can see that the price is facing resistance around the $1150 mark. If ETH does manage to break above this level in the coming hours, a relief rally might be on the cards. The next level we will be eyeing in that scenario is the next immediate resistance at the $1280 mark.
On the other hand, we can clearly notice that the price is printing a rising wedge on the 1-hour timeframe. A rising wedge is a bearish pattern which means that the price will eventually lose the temporary steam.
If the price breaks below this structure, we can expect ETH to retest the $900 mark again. Breaking below $900 is also likely in the coming days.
Conclusion: Final Verdict on Ethereum (ETH)
Ethereum is currently in a tricky situation and will likely fall lower in the coming days. The price has been struggling to gain momentum for the past several weeks and will struggle in the near future due to the extreme fear in the market. Right now, we would not be placing any short-term trades on Ethereum and will be interested in dollar-cost averaging into it as the price experiences another major sell-off.
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