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Synopsis:Ethereum price is still set to rebound roughly 22%, and erase the incurred losses from the past few trading days. But price action this morning during the ASIA PAC and European session is consolidating, with lower highs, and higher lows as bears and bulls, are squeezed towards each other. Expect to see a pop higher with a bullish breakout, either straight away after the consolidation or after a small drop and bounce off $2278.42, with the double technical bottom in place.
Ethereum price is keeping investors, and bulls on edge after a full technical reversal of the incurred losses, stalled in Tuesday’s US trading session. Today, it looks like ETH price is under consolidation, with lower highs and higher lows pointing to bulls, and bears being pushed together. Usually, this will result in a breakout trade, expected to the upside, as the Relative Strength Index, cannot get away from being oversold, which means that sellers have no decent room to the downside to make gains.
Ethereum price today is $ 1967.20 with a 24-hour trading volume of $ 87.67B, market cap of $ 237.53B, and market dominance of 18.90%. The ETH price decreased -19.27%, in the last 24 hours.
Ethereum reached its highest price on Nov 10, 2021 when it was trading at its all-time high of $ 4867.17. The lowest price since it’s ATH was $ 1741.73 cycle low. The highest ETH price since the last cycle low, was $ 1970.98 cycle high. The Ethereum price prediction sentiment is currently bearish.
Ethereum’s current circulating supply is 120.75M ETH. In terms of market cap, Ethereum is currently ranked 2, in the Proof-of-Work sector.
ETH price is thus on the cusp of popping higher, which could be via a breakout trade out of the consolidation, that runs higher towards $2685.70 or $2695.79. Another scenario to keep in mind is a small drop to the downside to test the double floor, with the monthly S2 and the historic pivotal level at $2278.42. A test and bounce off that level would see price action, ramp back up towards $2695.70, just shy of that $2700 marker.
Not only Ethereum price is consolidating, but the eurodollar as well with a fourth trading day, of lower highs and higher lows. Here a break to the downside would reflect more dollar strength, that would weigh on Ethereum price, which is valued in dollars. ETH price would drop below $2278.42 and submerge below $2000 towards $1928.89, which is the first notable level on the way down.
The price of Ethereum in the ICO was $ 0.31, and the token sale ended on Aug 31, 2014. Since then, ETH price increased 6348.19x against US Dollar, increased 1.00x against Ethereum, and increased 109.95x against Bitcoin.
Based on today’s classical pivot point, with the value of $ 2,185.41, Ethereum has support levels of $ 1923.38, $ 1769.46, and the strongest at $ 1,507.44. Similarly, Ethereum resistance levels are at $ 2339.32, $ 2601.35, and $ 2755.26..
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