ETH price continues to move in a range-bound manner with high or low trading volumes alternatively. Investors are advised for a clear directional bias, before placing aggressive bids. ETH is under the formation of a sound bottom formation that holds a key to a trend reversal. We advised keeping a tab on any sudden movement to capture the gains.
- ETH price edges lower on Thursday, but the sellers contained near $2,900.
- Investors remain befuddled toward both ends with higher lows and lower highs in a consolidated range.
- A sudden breakout toward $3,000 and above cannot be ruled out around solid bottom formation.
As of press time, ETH/USD is trading at $2,932.19, down 0.26% for the day. The 24-hour trading volume of the second largest cryptocurrency is holding at $16,774,289,281 according to CoinMarketCap.
ETH price seeks upside reversal
ETH price has been trading in a short-term consolidation since January 9, the range extends from $2,500 and $3,200. However, the price surged nearly 44% from the lows of $2,445, the Fibonacci extension with a swing high of $3,581.60.
Furthermore, the price retreated sharply with a descent of 24% to the recent lows of $2,716. This also coincides with the 0.786% Fibonacci retracement level, which acted as a firm support level. But, the upside face strong upside hurdle near $3,000. A resurgence in the buying momentum would push the price above $3,000 followed by the $3,200.
The Moving Average Convergence Divergence (MACD) scrolls below the midline but with an increasing upside momentum. Any uptick in the oscillator would advocates the jump in the price.
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On the other hand, a break below the demand zone extending from $2,800 and $2,750 would be enough to trigger a fresh round of selling at least in the short-term. In that scenario, the sellers would keep their eyes on $2,600 and $2,400.
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