Ethereum Price Hints Big Moves! Will The ETH Bulls Push The Price To $2,500?

The post Ethereum Price Hints Big Moves! Will The ETH Bulls Push The Price To $2,500? appeared first on Coinpedia Fintech News

The leader of altcoins, Ethereum price, continues to display minor price fluctuations raising concerns about the possible delay in the altseason. Further, the ETH coin price has recorded a rise of just over 1% over the past day and less than 1% over the past week, indicating weak buying and selling pressure for the coin in the market.

The Ethereum price traded in a narrow space between $2,247.99 and $2,313.85 for a while, following which the bulls broke out of the resistance level and traded sideways for a while. The market then experienced a trend reversal, resulting in the star altcoin losing over 8% in valuation.

After this, the ETH coin started trading between $2,190.35 and $2,313.85 for about a week. As the volatility in the market grew, the price recorded a jump of over 10% but the bears overpowered the bulls, resulting in it losing major of its gains from the pump.

TradingView: ETH/USDT

Following the approval of the Bitcoin Spot ETF, the ETH coin price recorded a jump of over 16.5% within the next two days, after which it faced rejection at $2,691.49. The Ethereum price traded sideways for a while, following which the bulls lost momentum and recorded a price breakdown.

The bulls struggled to hold the price above the support level, resulting in it experiencing a correction of approximately 12.5%. After this, the price traded in a narrow space for the next few days, indicating a cool-off in the price action.

Since then, the price has been constantly trading in a consolidated range between $2,247.99 and $2,401.55 and may test its resistance level of which the outcome is unpredictable.

Will Ethereum Price Rise Again?

The Moving Average Convergence Divergence (MACD) displays a decline in the green histogram, indicating reduced buying pressure in the market. Moreover, the averages show a high possibility of a bearish convergence, highlighting uncertainty in the future price action of the star altcoin.

If the market holds the price above the support level of $2,313.85, the ETH bulls will test its resistance level of $2,401.55 this week. If the bulls continue to dominate the market, the Ethereum coin price will attempt to test its upper resistance level of $2,501.77 in the coming time.

Conversely, if the market loses momentum, the Ethereum price will fall to test its support level of $2,313.85 this week. Further, if the market continues to lose power, the ETH price will prepare to test its lower support level of $2,247.99 this month.