Source: blockchain.news
The current uptrend in the Ethereum price began on June 15, 2023, when the price was at a low of $1,626. After this low point, Ethereum started to rise and on June 19, the 5-day SMA crossed above the 10-day SMA for the first time, indicating an uptrend. Since this cross, the 5-day MA, currently around $1,930, has not crossed below the 10-day MA, which sits at around $1,908. Every time the 5-day moving average touches the 10-day moving average, the price of Ethereum rallies, indicating that the 10-day moving average is a strong support level and that Ethereum remains in an uptrend.
However, the 4-hour chart tells a different story. Higher Ethereum prices have been progressively lower, indicating a downward trend over this time frame. This divergence between the daily and 4-hour charts suggests that the market is at a critical time.
Furthermore, the bearish divergence in both the RSI and MACD on the daily chart suggests that the uptrend is losing momentum and may even reverse. These crypto trading signals clearly indicate a possible change in market dynamics.
Fountain: Binance
As for the ETH/BTC trading pair, it has been weak recently, even as the Bitcoin price has trended up. This suggests that the performance of Ethereum, currently priced at 0.06277 BTC, has lagged behind Bitcoin. Currently, the ETH/BTC pair is trading below the 5-day MA but above the 10-day MA, indicating a period of consolidation.
In conclusion, our Ethereum price analysis suggests a period of consolidation with minor fluctuations, between the 10-day MA and $1,937. Traders should closely monitor the key support and resistance levels, currently around $1850 and $1950 respectively, for possible breakout or breakout scenarios. With the price of Ethereum currently sitting at $1,912.41, staying up to date with the latest market movements is essential to making informed trading decisions.
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