Ethereum, the second-largest cryptocurrency by market capitalization, remains a key topic in the crypto space. Recent price movements bring investor questions: will ETH drop further or is a surge just around the corner? We’ll explore indicators and patterns from TradingView charts to help answer this question.
How has the ETH Price Moved Recently?
The current price of Ethereum in USD is $3,309.05, with a trading volume of $29.86 billion, a market capitalization of $398.65 billion, and a market dominance of 11.88%. Over the last 24 hours, ETH's price has decreased by 0.46%. Ethereum reached its all-time high on November 10, 2021, trading at $4,867.17, and the all-time low was recorded on October 21, 2015, at $0.420897. Since its peak, the lowest price was $897.01, while the highest was $4,094.18. Currently, the price prediction sentiment for Ethereum is bearish, and the Fear & Greed Index is at 50, reflecting a neutral market sentiment. The circulating supply is 120.47 million ETH, with an annual supply inflation rate of 0.24%, adding 287,841 ETH over the past year.
Daily Chart Analysis: Bearish Signals Dominate
The daily chart shows Ethereum approaching the lower Bollinger Band, indicating bearish pressure. This hints at potential buying opportunities for traders seeking value. RSI is at 38.52, nearing oversold territory, which may attract buyers. Heikin-Ashi candles show consecutive red candles, confirming bearish momentum. Key support levels are at $3,200 with resistance at $3,360.
Ethereum Price Prediction: Decoding Market Sentiment
Bearish indicators suggest the downward trajectory continues, with a break below $3,200 potentially causing panic selling. However, RSI nearing oversold and short-term stabilization on the hourly chart indicate growth potential if conditions are right for buying. Key levels to watch are support at $3,200 and $3,000, with resistance at $3,360 and $3,500.
Ethereum's price is at a crucial point. The daily chart shows bearish dominance, while the hourly chart suggests short-term stabilization. The next major moves depend on whether ETH holds above $3,200 or breaks through $3,360. It is important for traders to monitor RSI and Bollinger Bands for confirmation of a trend reversal or continuation.
