Ethereum's price charts indicate short-term rise as coin reaches for stability - AMBCrypto
Connect with us

Analysis

Ethereum’s price charts indicate short-term rise as coin reaches for stability

Manu Naik

Published

on


The sudden drop in Ethereum’s value from over $204 on 24 September to around $155 in just 24 hours, accounted for a loss of over $4 billion in market cap over the period. Since then, ETH’s price has bounced back to a reasonable degree, frequently testing the $173 resistance. The price drop was also accompanied by a ~35% increase in volatility over the 24 hour period, remaining fairly consistent since then at volatility levels last seen only in mid-July.

ETH Hourly Chart

Source: TradingView

Ethereum broke past the $173 resistance today, conforming to an overall pattern of a broadening bottom, which is usually preceded by a decline in price, as is seen here. The Awesome Oscillator shows decreasing bearish momentum as the day progresses, while the increasing volatility and the MACD line pointing towards a signal line crossover is indicative of a slightly bearish market.

4-Hour Chart

Source: TradingView

The EMA Ribbon lines seem to be converging, marking a possible move towards price stability as the CMF indicator hovers over the 0 mark, indicating a balance between buyers and sellers.

For the short-term, Ethereum seems to be slightly bullish, with there being a likelihood of the coin acquiring price stability at around $180, despite increased volatility in recent times.

Manu is a full-time cryptocurrency journalist at AMBCrypto covering primarily the US market. A graduate in chemical engineering, his writing is centered around regulation and institutional investment within the cryptocurrency space.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.