After testing $180 two days ago, ETH / USD bottomed out at $171 on Bitstamp. Right when the price hit that level, decent buy volume pumped the Ethereum price to $175. Due to lack of volume, the market since then has been trading sideways, just like most other cryptocurrencies today. Let’s go over any Ethereum news worth mentioning and see if the charts tell us anything.
The main topic of ETH news these days is trouble with the Ethereum network congestion. ETH has been suffering from an overflow of transactions for a few months already and many analysts are blaming the low Ethereum price on that. Moreover, if you take a look at the current amount of pending transactions on the mempool, its at over 55,000 at the time of writing and climbing.
When it comes to progress on network scaling, Vitalik recently did a podcast with 80000hours and said he was “very confident” about Ethereum 2.0. Vitalik went on to say that the current version of Ethereum’s is a scrappy attempt at the world computer, he said that ETH 2.0 will actually be like the world computer.
Relative Strength Index: The current RSI is at 65 points, it recently peaked at 75 when Ethereum’s price reached $176. Since then it has rebounded but is still looking strong. We could see some movement in the next few hours.
Bollinger Bands: The price is currently close to the upper bollinger bad, but still has some room for upwards movement. The price also crossed above the MA line, and looks like it’s going to rebound back down to it.
Volume: The volume is extremely low right now. Chances that the market makes any large moves any time soon is extremely low.
In my previous Ethereum price prediction, I mentioned how the market will most likely test $180 then make its next move. While the market didn’t test $180 it got close and tested $177, rebounding down shortly after.
RSI is telling us the market has some power, bollinger bands tell us the market has room for movement, yet the volume tells us the market is quiet. With no volume it’s extremely unlikely Ethereum price is going to make any major moves in the next few hours. Most likely the price will retrace slightly towards the MA line and harness power at that level for the next move.
Moreover, since most cryptocurrencies – including Ethereum – are following Bitcoin’s movements, since BTC has been laying low lately it only makes sense that the rest of the market is as well.
Ethereum Charts By Tradingview
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.
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