Ethereum's Range Rumble, Navigating the $1850-$1880 Corridor
Updated
Over the past day, Ethereum has exhibited what we refer to as a 'range trend'. This essentially means that the price of Ethereum has been moving between a set range of values, specifically, between $1850 and $1880. This type of trend is typically characterized by horizontal price movements, which suggest a balance between supply (selling pressure) and demand (buying pressure).
In order for Ethereum to break out of this range trend, it would need to cross the upper resistance level of $1880. Resistance is a concept in technical analysis that determines the price level at which the market may have a difficult time surpassing. If the price manages to break through this resistance level, we could anticipate a shift in Ethereum's trend in both the 4-hour and 1-hour timeframes. This could potentially mean that Ethereum might start to climb, entering into what is known as a bullish trend, where buyers outnumber sellers and drive prices higher.
However, if Ethereum fails to maintain the lower boundary, or floor support, of this range trend, we could see a drop in its price. Support is a level where the price tends to find a floor as buying is strong enough to prevent the price from falling any further. If the support at $1850 is breached, Ethereum's price could potentially drop to somewhere between $1785 and $1700. This would represent a bearish trend, where sellers outnumber buyers and prices decline.
In order for Ethereum to break out of this range trend, it would need to cross the upper resistance level of $1880. Resistance is a concept in technical analysis that determines the price level at which the market may have a difficult time surpassing. If the price manages to break through this resistance level, we could anticipate a shift in Ethereum's trend in both the 4-hour and 1-hour timeframes. This could potentially mean that Ethereum might start to climb, entering into what is known as a bullish trend, where buyers outnumber sellers and drive prices higher.
However, if Ethereum fails to maintain the lower boundary, or floor support, of this range trend, we could see a drop in its price. Support is a level where the price tends to find a floor as buying is strong enough to prevent the price from falling any further. If the support at $1850 is breached, Ethereum's price could potentially drop to somewhere between $1785 and $1700. This would represent a bearish trend, where sellers outnumber buyers and prices decline.
Comment
During the recent downturn, Ethereum experienced a decline, reaching approximately $1,740. However, the market swiftly recovered, resulting in a 0.73% increase, with yesterday's closing price for Ethereum at $1,807. Nonetheless, Ethereum has encountered resistance within the $1,818 to $1,835 range, leading to a shift in its short-term trend within the 1-hour time frame. As we approach the weekend, it is possible for Ethereum to fluctuate within the boundaries of its reactive resistance and support levels.
💎 We believe that everyone can trade and deserves the opportunity to succeed in the world of cryptocurrency and take advantage of its potential.
🥇Join our free Telegram channel ➜ t.me/monocoin_public
👤Admin ➜ t.me/monocoin_admin
🥇Join our free Telegram channel ➜ t.me/monocoin_public
👤Admin ➜ t.me/monocoin_admin
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.