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At the time of publication, the cryptocurrency market was experiencing an upward trend, and most cryptos were witnessing the emergence of a long-term positive trend. Ethereum, the market leader among cryptocurrencies, has also seen a significant price increase, with the crypto’s long-term chart indicating a holding trend.
Ethereum daily chart
Ethereum’s price has been moving along a critical path as it decides how to go. At the time of writing, two possibilities were in play: one that may push the asset towards consolidation and the other that may spark a big spike in the cryptocurrency’s price.
The daily chart of ETH showed the alt’s price slipping underneath the immediate barrier of $3,013. The crypto-asset appeared to be heading north as it last traded at $2,820. If ETH successfully breaks beyond $2,836, it will establish a new higher high, establishing an upward channel. If it does not reach the resistance level, it may travel sideways.
The 50 Moving Average was observed to have been parallel with the crypto’s price. Its press time value was coinciding with the MA. If the price crosses above the MA, it may see an upwards surge. Here, ut’s worth noting, however, that despite the value growth, volume has not been increasing.
The linked chart likewise depicted a volume decrease while the price trended up. As the histogram shown stayed low, the Visible Range Indicator confirmed that the specified price level was not experiencing much trading activity. The low volume and trade at this price level signalling that a short-term downturn was conceivable.
However, momentum was developing in the long run, especially given the Directional Movement Index pointed to upward pressure. The -DI was about to pass underneath the +DI. This was a significant indicator because -DI has stayed dominant since ETH began to rebound from its decline on May 19. This might open the door for the price to rise.
If ETH surpasses the aformentioned resistance,
Take Profit: $3,431.88
Risk and Reward: 1.75
At press time, the Ethereum market was in a bind, as the price could either soar or consolidate. The market’s volatility increased the value of the digital asset, but volume did not sustain the price. As the price approaches its resistance level, the market will determine whether to go up or down.