The crypto market opened today with Ethereum touching a close daily high, but that was not sustained as the digital asset saw a bearish run that took in way below. The coin initially opened ground at around $1,625, but as of now, it is barely holding on after moving under the $1,600 zone.
This present trading is miles better than the one it saw some days ago after testing the $1,300 zone to register a huge bearish run. Even though all things point to the price of the digital asset moving up, it would need to counter the sellers’ activities to achieve this feat. If it does not count, we might be looking at a trade below the lower boundary channel.
Ethereum market is presently volatile
With the coin moving close to the $1,600 price mark and barely staying above the moving averages, the digital asset could witness more losses and declines. If the price of Ethereum goes under $1,400, it could signal a huge bearish run. If the bulls fail to defend the price at that position, the digital asset could see another spiral below to register a trade at around $1,350.
Presently, the asset’s first support zone is around the $1,300 price mark, and even with that, the bulls would need to defend the position. If the bulls get chanced out by the bears, the traders would need to input their activities to help the bulls defend the $1,200 position, or another move to touch the $1,100 support level could be triggered.
Its technical indicator says nothing good at the moment as the asset is presently trading around the 45 level. Moreover, the market volatility is seen as unpredictable, and analysts have mentioned that it could push the asset above or below the line.
If the asset’s price wants to go upside, then it would need the full attention of the bulls if it hopes to push out against the $1,700 resistance figure. If the assets hope to resume trading in a favorable position, it would need to first touch above the $1,900 price mark. If it scales above that, it would need so many factors to work in its favor if it wants to push above the second resistance at $2,000 and go in to trade above $2,100. However, if this doesn’t happen in the coming days, the asset would stand the risk of trading in a decline fashion.
In comparison with Bitcoin, Ethereum has been facing some issues of late. Even though Bitcoin is also declining recently, the asset has not taken that opportunity to gain against the leading digital asset. Even though it recently moved above its moving averages against Bitcoin, Ethereum is barely holding on to the 3000 Satoshi level.
Also, other critical support would be seen at $3,800 before touching the other one at $3,900. Lastly, Ethereum is moving towards the oversold region, and this could spell danger for the second digital asset, and the intervention of traders might be needed in the coming days.