Ethereum (ETH), despite showing little price volatility, is falling this Tuesday (5).
With a daily loss of 0.6%, ETH is trading just above $2,400, a level that buyers are trying to hold as support. Will they be able to do so?
Ethereum seeks new leap
Ethereum has been in a downtrend since October 30, when it formed a macro top near $2,700. Since then, the asset's price has fallen by more than 13%, forming a bottom at $2,353 last Monday (4).
The altcoin has shown signs of starting a corrective upward movement in the last few hours, although this scenario has not yet been confirmed. This is because the price has not yet surpassed the 0.382 retracement level of the last downward movement, at US$ 2.495.
Ethereum (ETH) chart on TradingView
Therefore, it is possible that the price will enter a consolidation between the macro bottom and this level. However, the 1-hour chart shows positive signs.
On this timeframe, the 9-period exponential moving average (EMA) (blue) has crossed above the 21-period EMA (orange). This crossover shows that ETH is trading at higher levels in the short-term.
Furthermore, the Relative Strength Index (RSI) is above 50, which indicates that buyers are in control of the trend.
Ethereum (ETH) Chart on TradingView
Therefore, if there is a bounce and ETH clears the 0.382 retracement level, it could rally towards the 0.618 retracement level at $2,583. On the other hand, failing to clear the $2,500 level could indicate a further decline to the current macro bottom and even to $2,300.
The article Ethereum (ETH) Forecast: How Can the Price Behave Today? was first seen on BeInCrypto Brazil.
