Ether’s Price Analysis Shows Its Value May Retrace To $1,300

The price analysis report for Ether (ETH) shows that it seems to be experiencing a bearish trend. Due to the bearish trend, the trading price of ETH has moved in a negative direction.

ETH’s Price Declined to Support Level

The data shows that as the trading price of ETH experienced a decline, it ended up falling to a low of $1,270. The particular trading value of ETH is the strong support level where the bulls had the chance to demonstrate their buying skills.

This is exactly what the bulls did and started to exert strong buying pressure in favor of a rebound. They pushed ETH’s price enough to push its price all the way over the $1,300 level.

However, the bulls are finding it much more difficult to push ETH’s price much higher than the $1,300 level. The bears are simply rejecting any upward push attempts being made by the bulls to hit another high resistance level.

The trend indicates that another price dip may be due somewhere in the later part of today’s trading.

Past 24-hour Performance

The past 24-hour journey for ETH has been in the greens, which suggests that its price has continued moving in the upward direction.

Although the 24-hour weighted surge in the price of ETH has been minute, still, it has kept it moving in the bullish zone.

The trading price of ETH has recorded a 0.46% surge while Bitcoin (BTC) has recorded a 0.28% surge in the same period.

Apart from the major cryptocurrencies, the rest of the cryptocurrencies have shown mixed results in terms of their performances.

Previous Lows Retested

In the past 24 hours, ETH has continued to trade in a particular range. As per data, ETH’s price has oscillated between $1,271.15 and $1,308.90.

The movement suggests that there has been mild volatility when it comes to the price movement of ETH in the past 24 hours.

Despite the low volatility, ETH’s trading volume has recorded a significant rise in the past 24 hours. In the past 24 hours, ETH’s trading volume has surged by 31.95%, pushing it to a high of $9 billion.

The market capitalization of ETH has also surged in the past 24 hours, bringing it up to $159.85 billion, bringing its market dominance up to 17.22%.

ETH to retest $1,300 Once again

For now, there is strong resistance and rejection for ETH at $1,300, which means that the bears are selling at higher levels.

They may continue pulling ETH’s price lower and bring it below the $1,300 level. The particular level would act as a strong resistance level.

If ETH falls below the particular level, then it will be a retest for the cryptocurrency to see if it can retrace to $1,300.