Ethereum (ETH) has recently shown significant price movements, currently trading at $3,037. Throughout the day, the price has fluctuated between $2,803 and $3,096, while the market capitalization stands at $364 billion.
Analyzing the 1-hour ETH/USD chart, we can see an uptrend starting at $2,803. This is marked by a bullish candle reaching $3,096, followed by a slight pullback. The presence of a bullish engulfing pattern suggests that the uptrend may continue, although the recent drops indicate some consolidation. Volume analysis reveals a spike in volume during the bullish move, but the decreasing volume during consolidation indicates that the uptrend may continue if volume increases.
Examining the 4-hour ETH/USD chart, we can confirm a downward trend, with ether bouncing back from the $2,803 low. However, a strong upswing on July 8 indicates a significant bullish move, potentially signaling a short-term reversal. Nevertheless, recent candles with small bodies and wicks highlight indecision in the market. Volume analysis supports the bullish move, as higher volume suggests genuine buying interest.
Looking at the daily chart, we can observe a clear downtrend over the past month, with ETH falling from around $3,889 to a low of $2,803. The latest upswing indicates a potential reversal, suggesting buying interest at lower levels. Volume spikes during the downturns still indicate strong selling pressure, but recent upticks with significant volume suggest that buyers are stepping in.
When considering the oscillators, we see a mixed picture. The relative strength index (RSI) at 35.8 and the average directional index (ADX) at 34.4 are neutral, while the commodity channel index (CCI) at -147.7 and momentum at -331.7 suggest a bullish signal. On the other hand, the moving average convergence divergence (MACD) level at -134.4 indicates a sell signal.
The moving averages (MAs) consistently point to a bearish trend, with all short to long-term moving averages, including the exponential moving averages (EMAs) and simple moving averages (SMAs), indicating bearish sentiment across various timeframes. This emphasizes a strong bearish sentiment, similar to bitcoin, where ether is also suppressed below the long-term 200 MAs.
In summary, if ethereum can maintain its price above $3,000 and volume increases, it suggests a potential short-term bullish reversal, with targets set at $3,096 and potentially $3,200. However, if ethereum fails to sustain its price above $2,950, it may retest the $2,800 support level. Continued selling pressure below $2,800 could indicate further downside, reinforcing the current bearish trend.
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What are your thoughts on ether’s market action on Monday? Feel free to share your opinions in the comments section below.
