Ethereum has had to face a strong reversal as the digital asset fell flat from its previous price mark to occupy the $1500 price zone. With the support still around the $1500 price mark, the digital asset would be looking to hit the ground to hit $1800. Presently, the asset has shown that it has touched a critical support level after it recently showed two green candlesticks.
One of the candlesticks traded way below, close to the 14 day SMA while moving to the north. Presently, the two SMAs show bullish signs as both of them are pointing a move towards the north. Even at that, the 50 SMA is trying to breach above the 14 day SMA after spending the last few days below it.
Ethereum could reach the $2200 mark
A look at the asset shows that it can breach above due to the Stochastic oscillators moving from being oversold to a region close to the north. As of now, Ethereum sees low market activity while trading close to the $1700 mark. With that, it shows that the bulls are doing their best to enter the market.
With the asset touching a critical point, analysts have touted the idea of a surge that could bring the digital asset close to the resistance figure at $1800. If the market volatility works in its favor, the price could go well to hit close to the $2200 range before showing signs of a reversal.
If Ethereum is to make a downside move, the bears would be waiting to enter the market once the asset breaks below the $1900 mark. If it doesn’t happen at that price region, it could be triggered if the digital asset hits a price above $1900. Traders willing to trigger sell orders may leave an impact on the price of the asset every time that they make their positions known.
At this present time, Ethereum is still trying to make a comeback against Bitcoin in a volatile market. Bitcoin has made a slight growth in the last few days, with Ethereum following the same pattern. As it is now, Ethereum is still trying to comeback from the selling pressure that it has had to endure some weeks back. With this, Ethereum is still trading at a low level compared to Bitcoin, with the leading crypto pushing it in the low region.
Both of the trading averages have buttressed this fact, as it is evident in their trading tools. The 50 day SMA previously upset the 14 day SMA to trade above it, and they now have a slight difference between them. The Stochastic oscillators show that the asset is pointing north, but at the same time, it means that either trade is expected. With this, it could boil down to market factors and what the traders do with their assets.