Current Trends and Analysis in the Ethereum Market: A Market Overview
At now, the 4-hour chart shows that Ethereum price is rising towards the consolidation zone's upper level, but it is still trading below the 100-day SMA.
Looking closely at the 4-hour Composite Trend Oscillator, we can see that the signal line and the SMA are both moving above the zero line, suggesting that the price of ETH might continue to rise. This structure suggests that Ethereum may decline again after testing the consolidation's upper base.
With prices remaining above the 100-day simple moving average (SMA), ETH is making strong gains on the 1-day chart, heading towards the top of the consolidation zone. It is possible that the price of ETH will continue to test the upper base of the consolidation given its current trajectory.
Although ETH is now trending upwards, the 1-day Composite Trend Oscillator indicator shows that it could turn negative in the future since the signal line and the SMA are trying to dip below zero.
Wondering What May Happen to Ethereum in the Future?
Looking at what may happen to Ethereum's price after the consolidation implies that it will start to rise toward the $4,099 resistance level if it breaks above the upper base of the consolidation. After breaking over this level, the price can go for its all-time high of $4,863.
But if the cryptocurrency falls below the consolidation's lower base, it will start a decline below the $2,865 support level. If this barrier is broken, the price will likely keep falling until it reaches $2,147 and maybe much lower.
With a market valuation of more than $440 billion and a 24-hour trading volume of more than $13 billion, ETH was trading at about $3,607 and was down by 1.82% as of writing. Its trading volume jumped 28.93% in the last day, despite a 1.77% decline in market value.
