Ethereum (ETH) moves in consolidated momentum as the price shows remote movement. The ETH price moves in a sideways channel between the range of $2006 and $893. The Ethereum token is in its bearish zone as the price turns from its resistance to the current price of $1590.
The formation of bullish candles from the last 3 days shows the bulls are trying to push the price upwards as the token turns from the middle horizontal line. There was a formation of a bullish engulfing pattern at the middle horizontal line from where the Ethereum token shows a decent price rise. Is it the best time to invest in ETH? Read our Ethereum forecast to know!
The MACD line was below the Signal Line, and the histogram showed diminishing red candles. However, the MACD line tilting upwards shows the price of Ethereum may begin to ascend towards resistance if the bulls continue to show positive sentiments.
The RSI indicator is at 47, and the indicator line tilting upside hints at an upcoming trend. The volume bar is below average, and there is a need for additional buyers for the supportive volume. The volume candles are currently unfavorable towards the bulls or the bears.
The forming weekly candle shows an immense rise in the price; however, the ETH price is yet to close above the last week’s high. The previous week’s bearish candle showed a huge decline, but the forming bullish candle of Ethereum showing a rise can be a turnaround point for the investors.
The coin is already in the bullish zone for the past few days. Ethereum investors can expect a bullish momentum if the price continues to rise from this point.