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Ethereum bulls are too tired to make any major price increases in the ETH/USD market. Furthermore, technical indicators show less strength in price movements.
Ethereum analytics statistics:
Ethereum price now: $1320.70
ETH market cap: $162.97 billion
Mobile supply of ETH: 122.54 million
Total supply of Ethereum: 122.54 billion
ETH’s Coinmarketcap Rank: #2
This requires a critical analysis of this market to determine the best steps to take in this market. This price forecast covers the ETH/BTC market to gain valuable insights into the market.
Important price signals:
High marks: $1321, $1380, $1420
Base marks: $1300, $1280, $1250
Bulls in the Ethereum market are weak, TAMA starts on OKX
On the daily chart of ETH/USD, the price action shows a significant lack of awareness to move higher. Since the 5th of this month, the price action has broken down the MA line, and has remained there until now. The last green candle here – showing bullish activity, failed to surpass the level made three sessions ago. Also, the price action remains below the MA, and is yet to test the resistance created at the $1,460 price level. Additionally, the MACD is pointing sideways at the 0.00 level as the fast line seems to be turning weakly into the slow line. Consequently, this indicates a lack of direction in the trend. The price may soon reach $1400, but the chances of reaching higher are not so clear.
Ethereum Price Prediction: ETH/BTC 50% Fib Level Bounces
The price action in the ETH/BTC market has cleared the 50% major Fibonacci support. This bounce also coincides with the disturbance at the lower bound of the Bollinger indicator. However, it looks like this market could use some more upward pressure from the bulls if it were to break out higher from here. Otherwise, the downtrend may resume and this upheaval may only be a brief retracement before the long-term downtrend resumes.
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Additionally, the McDade indicator seems to indicate a possible continuation of the upward trend. This can be seen as the leading line of this indicator adjusts to the lag. If the two lines eventually converge, this indicates an uptrend. However, the gap between the two lines is still significant and further selling pressure may diverge as the low continues. Traders can expect the value to reach above the 0.07000 level.
In other altcoin news, Tamadoge, a deflationary meme coin and ERC-20 token, will have an initial coin offering (IDO) on OKX. TAMA is set to list on September 27 at $0.03.
Tamadoge – Meme Play to earn coins
- Get TAMA in battles with Doge’s pets
- Sealed Supply of 2 Billion, Token Burn
- Presale collected 19 million dollars in less than two months
- The upcoming ICO on the OKX exchange
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