- Relative Strength Index: The current RSI is at 65 points, it recently peaked at 75 when Ethereum’s price reached $176. Since then it has rebounded but is still looking strong. We could see some movement in the next few hours.
- Bollinger Bands: The price is currently close to the upper bollinger bad, but still has some room for upwards movement. The price also crossed above the MA line, and looks like it’s going to rebound back down to it.
- Volume: The volume is extremely low right now. Chances that the market makes any large moves any time soon is extremely low.
ETHEREUM PRICE PREDICTION
In my previous Ethereum price prediction, I mentioned how the market will most likely test $180 then make its next move. While the market didn’t test $180 it got close and tested $177, rebounding down shortly after.
RSI is telling us the market has some power, bollinger bands tell us the market has room for movement, yet the volume tells us the market is quiet. With no volume it’s extremely unlikely Ethereum price is going to make any major moves in the next few hours. Most likely the price will retrace slightly towards the MA line and harness power at that level for the next move.
Moreover, since most cryptocurrencies – including Ethereum – are following Bitcoin’s movements, since BTC has been laying low lately it only makes sense that the rest of the market is as well.
Read More: Ethereum price analysis
