Ethereum (ETH) is showing little price fluctuation this Friday (25), with buyers and sellers struggling to take control of the current trend.
Data from CoinGecko shows that the world's largest altcoin in terms of appreciation has a daily fluctuation of just 0.3%, trading just above the $2,500 level.
It is worth noting that ETH has not been able to capitalize on the recent general upward movements in the crypto market. With that in mind, check out what technical analysis has to say below.
Ethereum in dispute: who will control the trend?
As highlighted in our last analysis, ETH is struggling to stay above the 0.618 retracement level of its last upward move between August 10 and 20.
In the past few hours, the altcoin fell below this level but quickly recovered, which shows that buyers are interested in defending this price zone. However, they were unable to push the cryptocurrency’s price above the 0.5 retracement level at $2,550.
The trading volume during these movements, which was higher than the average of the last few days, further reinforces this level, showing that there is a real battle between the bulls and bears.
Ethereum (ETH) chart on TradingView
Amidst this scenario of struggle and uncertainty, technical indicators may give a clue as to who will take control of the trend. On the 2-hour chart, the Relative Strength Index (RSI) is rising and very close to rising above the neutral line of 50. If this happens, it would show that buyers have the upper hand.
Furthermore, ETH has once again closed a candle above the 21-period exponential moving average (EMA) (orange). Furthermore, this EMA is close to crossing below the 9-period moving average (blue), which would indicate that the short-term trend has turned bullish.
Ethereum (ETH) chart on TradingView
Therefore, we can conclude that the bulls have the upper hand. However, this bullish scenario will only come to fruition if the price breaks above the 0.5 retracement level mentioned above. If this happens, it will be possible to project targets of $2,600 and $2,768.
The article Ethereum (ETH) Forecast: How Can the Price Behave Today? was first seen on BeInCrypto Brazil.
