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Ethereum’s (ETH) price is consolidating near the $2,200 ans$2,400 zone for the past few sessions. The price remains stable around the $2,400 threshold amid the risk aversion among investors. The second-largest cryptocurrency as per the market value after Bitcoin, book modest gains for a third day on Friday.
The native currency of the Ethereum blockchain, Ether fell below the $3,000 psychological level on January 21. At the press time, ETH/USD is trading at $2,487, up 2.67% for the day. The 24-hour trading volume stands at $15 billion.
John Bollinger purchase Ethereum
Famous American Financial Analyst, trading indicator “Bollinger Bands” named after him purchased a small amount of the second-largest crypto asset. Although he clarified that not confident much on the asset as such there is no information about the quantity.
Technically speaking, Ethereum’s (ETH) price has been consolidating near the lower levels after the recent sell-off in the market took a breather. Investors should meet with some bottom buying opportunities.
In technical terms, it is called a ‘dead cat bounce’, which usually occurs in oversold market conditions. Looking at the daily strength index (RSI), which holds in the oversold zone and is about to give the bullish crossover. The reading suggests an uptick in the momentum oscillator could see price could jump toward the $3,000 mark.
Market participants will meet the next hurdle at the horizontal resistance line at $3,469.91
Alternatively, a failure to hold the session’s low could see the weekly lows around $2,100.