Ethereum Price Analysis: ETH Remains Heavily Influenced by BTC
Relative Strength Index: The RSI is currently at a healthy 51 points. This means the market is stabilized and we should expect sideways momentum in the coming hours. Looking at RSI’s oscillation, we can see the trend should be reversing. If the RSI peaks above 70 again, we should anticipate another move upwards.
Bollinger Bands: At the time of writing, Ethereum’s price is touching the upper bollinger band. This means one of two things: Either ETH is about to breakout, or it’s going to retrace within the bands’ range.
Volume: You can’t ignore the massive red candle a few hours ago which caused Ethereum’s price by roughly 1%. However, ETH was able to rebound extremely quickly even with low volume, which suggests that the market is trying to stabilize.
Ethereum Price Prediction
Before I go over my Ethereum price prediction, let me tell you that no matter what the indicators say, since most altcoins – and especially Ethereum – are heavily influenced by Bitcoin’s movements, you have to keep the BTC market in mind.
That being said, according to the RSI the market does have a healthy amount of strength to make some moves. BBs aren’t very telling, as they are hinting that ETH is either about to breakout or retrace. Finally, the low volume is suggesting a sideways market, as it’s extremely low right now.
My personal opinion is that ETH will trade sideways, inching towards the $180 level. After all, the market does have enough power to make that move, and now that ETH has rebounded from the nasty red candle, let’s hope that the bulls will make their presence known once again.
Read More: Ethereum price analysis
Bollinger Bands: At the time of writing, Ethereum’s price is touching the upper bollinger band. This means one of two things: Either ETH is about to breakout, or it’s going to retrace within the bands’ range.
Volume: You can’t ignore the massive red candle a few hours ago which caused Ethereum’s price by roughly 1%. However, ETH was able to rebound extremely quickly even with low volume, which suggests that the market is trying to stabilize.
Ethereum Price Prediction
Before I go over my Ethereum price prediction, let me tell you that no matter what the indicators say, since most altcoins – and especially Ethereum – are heavily influenced by Bitcoin’s movements, you have to keep the BTC market in mind.
That being said, according to the RSI the market does have a healthy amount of strength to make some moves. BBs aren’t very telling, as they are hinting that ETH is either about to breakout or retrace. Finally, the low volume is suggesting a sideways market, as it’s extremely low right now.
My personal opinion is that ETH will trade sideways, inching towards the $180 level. After all, the market does have enough power to make that move, and now that ETH has rebounded from the nasty red candle, let’s hope that the bulls will make their presence known once again.
Read More: Ethereum price analysis