Daily Technical Analysis Research – Cryptocurrency (ETHEREUM)

ETHEREUM (ETH/USD)

On the daily timeframe, we can see that Ethereum (ETH) is lagging behind Bitcoin (BTC) in terms of price action. ETH has experienced low volatility and volume, especially since the launch of the ETH ETF, after which it has consistently traded below $2,800 for an extended period. At the moment, ETH is trading around $2,300.

Upon further analysis of the asset’s price action, it’s evident that we are currently holding within the support zone between $2,100.00 and $2,400.00. The RSI indicator shows no signs of the asset being oversold at the moment. We can also see that the price broke below the previous support level around $2,800.00, retested it shortly after, and found that this area, which had turned into resistance, aligned perfectly with the 50% Fibonacci level. The price then moved back into that zone, was rejected, and continued to decline, with the current price action sitting around $2,300.00.

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