ETH has been stuck in a descending price channel for the past 2 months. Ethereum bears are preventing the coin from capturing an uptrend. RSI values indicate that a bullish momentum will occur soon.
ETH general price analysis
ETH has had a similar pricing period to Bitcoin for the past few months. 99% of cryptocurrencies experience similar pricing when the market goes down. ETH and BTC are of great importance in pricing other cryptocurrencies in the market.
Ethereum’s “London” upgrade is expected to begin soon. This will have a positive impact on pricing. A move like this is needed to end these volatile and directionless pricing in the market.
As seen in the blue area, the decreasing channel pressure has caused the price of ETH to remain in a strong downtrend. The occurrence of counter-attacks in the attacks that occur to break the trend prevents the trend from being broken. Currently, pricing is hovering at the midpoint of the channel (red zone).
In a bull market, a big bounce is still possible as long as the price is held between the main support and resistance levels at $1840-1973. If the price turns into a downtrend, the support and resistance points can be drawn to $1573-1702.
Ethereum price analysis: ETH/USD daily chart analysis
In order for Ethereum to enter an uptrend again, it needs to break the $1895 resistance. If this support is broken, new support will be $1895 and new resistance will be $2103. For this to happen, ETH needs to have a well-founded 30-day MA & HOLD. The important point is to keep the MA at this value because this could not be achieved due to the price changes in the last 2 months. If this happens, the uptrend of the descending channel needs to be broken in order for larger value increases to be confirmed.
RSI values have been stuck between 35-50 values for 2 months. This causes the pricing to follow a horizontal chart.
In order for a larger price increase or decrease to occur, a breakout to the downside or the upside is required. RSI has recently hit its lowest level in the last 2 months. This shows that purchases have decreased considerably. On the other hand, if the RSI value rises above 20, a potential uptrend may begin.