This whole week has been very uneventful for Ethereum and the crypto market in general. Throughout the week, we have seen the price of most Altcoins ranging and trading sideways with little to no volume to push prices higher or lower.
For Ethereum, that sideways market has led to a Converging Triangle Fakeout in the 1-hour timeframe as the ETH bulls could not sustain the push higher.
However, hope is not lost for Ethereum. We believe the Altcoin price is getting ready for an explosive move soon! And what we are seeing right now is a momentum build-up in the price.
In this Ethereum analysis, we will be breaking down why the Ethereum price has been ranging so much and the key levels to watch out for in the coming days.
To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Deposit Bonus Campaign is now live! First-time depositors can get up to a $4,100 Bonus when you sign-up and fund your Bybit account with our Bybit link.
Claim up to $4450 in Bonus
Ethereum Is Trading At A Key Level
The major event influencing this Ethereum struggle and sideways trading is the fact that the ETH price is currently trading at a key support level in the higher timeframe.
This $1,800 horizontal support is very visible in the 1-hour timeframe and is serving the ETH bulls well by holding the price up. But once you zoom out on the higher timeframe, you find out that the $1,800 price level plays a major role in determining the Ethereum trend.
Why Is The $1,800 Region So Important?
The $1,800 key support in the 1-hour timeframe might look like just another support. But once you zoom out to the Daily timeframe, we can see this key support has been holding prices up for months now.
Not only that, the last major rally we saw play out in Ethereum originated from this $1,800 price region.
This means there are a lot of buyers sitting around this region and the last time the ETH price sold off to this region, these buyers stopped the sell-off from going any further.
The question now is can they repeat this amazing price push in Ethereum in the coming days?
Bulls Vs The Bears
What we are seeing play out right now is a market where the bulls and the bears are currently in a fierce battle for dominance. And to be honest we don’t know who is winning yet because the Ethereum price has bearly moved (that is a clear indication of how fierce the battle really is).
But sooner or later someone will come out victorious, and whoever does, we expect to see the Ethereum price follow in that direction with an explosive force.
Claim up to $4450 in Bonus
Easy Steps From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Trade Hassel Free
Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link PrimeXBT Covesting