Ethereum (ETH) price moves sideways on Monday with no meaningful price action. ETH remains pressured near $2,800 level for the past two-three sessions. The price is moving in a short-term trading range of $2,500-$2,800.
- Ethereum (ETH) trades with modest gains on the first day of the fresh trading week.
- Ethereum price looks for a 22% upside from the current levels.
- Downside risk remains intact below $2,500.
Ethereum network is less expensive now as the ETH gas fees continue to slide on February 27, as average size fees are down to $0.0039 ETH or $10.26 per transfer. This is the second time Ethinvereum network fees are this much since late August 2021.
As of press time, ETH/USD is trading at $2,644, up 0.78% for the day. The second-largest cryptocurrency by market cap held a 24-hour trading volume of $17,891,700,097 with more than 60% gains.
ETH price struggles near critical levels
On the daily chart, Ethereum (ETH) price has surged 45% from the January lows of $2,159. Further, after making swing highs of $3,284.75, the price retraced toward the reliable support level of around $2,600. ETH price abruptly fall to visit the lows of $2,300 on February 24 but recovered quickly suggesting the presence of buyers near the demand zone extending from $2,159 and $2,300.
A spike in buying orders could transform the current consolidate move into upside momentum with the immediate target at 50-day EMA (Exponential Moving Average) at $2,958.45.
Next, market participants will set their eyes on the critical 200 EMA at $3,245, a total ascent of 22% from the current levels.
Alternatively, the formation of ‘Doji’ candlestick also indicates some indecision among investors. Any shift in sentiment could drag the ethereum price lower to revisit February 24 lows of $2,300.
Technical Indicators:
RSI: The Daily Relative Strength Index (RSI) holds just below the average line while reading at 42.
MACD: The Moving Average Convergence Divergence (MACD) hovers below the midline with a neutral bias.
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