The leader of altcoins, Ethereum price, continues to display minor price fluctuations raising concerns about the possible delay in the altseason. Further, the ETH coin price has recorded a rise of just over 1% over the past day and less than 1% over the past week, indicating weak buying and selling pressure for the coin in the market.
The Ethereum price traded in a narrow space between $2,247.99 and $2,313.85 for a while, following which the bulls broke out of the resistance level and traded sideways for a while. The market then experienced a trend reversal, resulting in the star altcoin losing over 8% in valuation.
After this, the ETH coin started trading between $2,190.35 and $2,313.85 for about a week. As the volatility in the market grew, the price recorded a jump of over 10% but the bears overpowered the bulls, resulting in it losing major of its gains from the pump.
Following the approval of the Bitcoin Spot ETF, the ETH coin price recorded a jump of over 16.5% within the next two days, after which it faced rejection at $2,691.49. The Ethereum price traded sideways for a while, following which the bulls lost momentum and recorded a price breakdown.
The bulls struggled to hold the price above the support level, resulting in it experiencing a correction of approximately 12.5%. After this, the price traded in a narrow space for the next few days, indicating a cool-off in the price action.
Since then, the price has been constantly trading in a consolidated range between $2,247.99 and $2,401.55 and may test its resistance level of which the outcome is unpredictable.
Will Ethereum Price Rise Again?
The Moving Average Convergence Divergence (MACD) displays a decline in the green histogram, indicating reduced buying pressure in the market. Moreover, the averages show a high possibility of a bearish convergence, highlighting uncertainty in the future price action of the star altcoin.
If the market holds the price above the support level of $2,313.85, the ETH bulls will test its resistance level of $2,401.55 this week. If the bulls continue to dominate the market, the Ethereum coin price will attempt to test its upper resistance level of $2,501.77 in the coming time.
Conversely, if the market loses momentum, the Ethereum price will fall to test its support level of $2,313.85 this week. Further, if the market continues to lose power, the ETH price will prepare to test its lower support level of $2,247.99 this month.
