Ethereum Price Eyes Potential Breakout Amid Bear Dominance

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Ethereum Price Eyes Potential Breakout Amid Bear Dominance
Credit: © Reuters

  • The price of Ethereum (ETH) is trading at $1,866, down 1.17% in the last 24 hours.
  • The ETH price has begun a temporary upswing from the $1,856 level.

In the last 24 hours, the cryptocurrency market has moved inside a narrow range. Also, the fear and greed measure is now at 51 out of 100, which is in the middle of the spectrum. On Thursday, bulls drove the price of Ethereum (ETH) closer to $1,900.

Ever since the price has been struggling to maintain momentum. According to CMC (NS: CMC ), the price of Ethereum (ETH) is trading at $1,866, down 1.17% in the last 24 hours.

Facing Strong Resistance 

The RSI ceiling at 48.00 was broken recently, signaling the start of the surge for the world’s second-biggest cryptocurrency. Despite this, prevailing negative sentiment has been signaled by a crossing between the 10-day and 25-day moving averages (MA).

Source: CoinMarketCap

If ETH fails to break over the $1,900 price level, a severe decline is anticipated. The price of Ethereum has begun a temporary upswing from the $1,856 level. Ethereum followed Bitcoin’s lead and rallied over the $1,850 and $1,860 marks. However, selling pressure remains below $1,900. Although, buyers are trying to push the price higher.

The gap between the Ethereum price and the $2,000 resistance level is narrowing, suggesting that a major breakout is now being fostered. A bullish inverse head-and-shoulders (H&S) pattern has formed on the daily chart, suggesting a 19% increase to $2,385. The reversal of the H&S pattern indicates the uptrend is about to begin.

Ethereum’s price needs to break and stay above the $1,870 barrier to be safe. Investors may begin taking profits around $2,000, but extreme bulls may want to wait for the H&S pattern breakthrough to $2,385 before selling.

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