Ethereum (ETH) shows little price fluctuation this Wednesday (9), which makes it difficult to predict its future trend.

Data from CoinGecko shows that ETH is up just 0.1% in 24 hours. As a result, the asset has not fluctuated compared to the price seen seven days ago.

Check out what the technical analysis has to say below.

What is the trend of Ethereum?

Ethereum, as seen on the daily chart above, has been partially recovering after hitting a bottom at $2,300 on October 3. However, the Fibonacci retracement shows that the current bounce does not characterize the beginning of a trend reversal at the moment.

This is because the asset failed to overcome the 0.5 retracement level at $2,518. This level, along with the 0.618 level, usually act as strong resistance or support during a correction.

Ethereum (ETH) chart on TradingView

Therefore, unless ETH definitively breaks above these levels, the macro trend remains bearish. While the short-term trend, technical indicators on the 2-hour chart show a sideways trend.

First, the 9-period (blue) and 21-period (orange) exponential moving averages (EMAs) are very close together. Furthermore, the Relative Strength Index (RSI) is close to the neutral zone of 50.

Read more: Ethereum ETFs – Understand what they are and how they work

Ethereum (ETH) chart on TradingView

With this, the most likely scenario currently is for the price to continue consolidating, eventually falling again to find a bottom below $2,300. This prediction will only be invalidated if Ethereum surpasses the 0.618 retracement level mentioned above.

The article Ethereum (ETH) Forecast: How Can the Price Behave Today? was first seen on BeInCrypto Brazil.