What is Ethereum (ETH) Doing Right Now?
Ethereum is currently trading around the $1,200 mark and has been going sideways for the past couple of days. The price did gain some momentum last week on the lower timeframes, but ETH is still struggling to break above the resistance at $1,280. It is the level that Ethereum rejected while bouncing from the recent sell-off. If the price manages to break above this level in the coming days a relief rally will be on the cards. Let’s take a quick look at the latest Ethereum charts to see where the altcoin giant could be headed in the immediate short term.
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Analyzing the Charts
Ethereum has faced rejection around the resistance at $1,280 and will likely drop a little in the coming hours. The current support we are watching for ETH is the $1,160 mark which was previously acting as resistance.
We can also notice that the price was forming a rising wedge on the 4-hour timeframe and seems to be breaking below it at the moment.
A rising wedge is a bearish pattern that indicates that the buyers are losings steam. If Ethereum closes a couple of 4-hour candles below this candle the price will break below the support at $1,160.
The next support we will be watching for ETH in that scenario is the $1,050 mark. This level has previously acted as support and the price could consolidate above it.
Once the price does start to move in a downtrend, we can expect ETH to drop to the previous bottom around $900 and even lower.
Conclusion: Final Verdict on Ethereum (ETH)
Ethereum is currently struggling to gain any momentum and could drop further in the coming days. There is not enough buying pressure in the market and sellers are still dominant. The trading volume is also low which is making it difficult for the altcoin giant to get above resistance levels. Right now, we are expecting ETH to experience another sell-off and would be trading the asset accordingly. Bitcoin is also struggling to gain momentum at the moment which is another bearish sign for Ethereum.
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