- Ethereum price is deep in slumber ignoring the booming network activities such as DeFi.
- Ethereum price is unlikely to change direction in the near term as the RSI and MACD remain horizontal.
Ethereum, just like Bitcoin is in a lull with the price pivotal at $240 for a few days now. The motionless trading is taking place despite activities in the Ethereum network skyrocketing. For instance, last week the decentralized finance (DeFi) ecosystem hit a new all-time high after crossing the $2 billion mark.
Ethereum active addresses have also grown significantly since the beginning of this year. Not even the news regarding the impending launch of Ethereum 2.0 has been able to breathe fresh bullish air into the crypto.
At the time of writing, Ethereum is trading at $239. The second-largest cryptocurrency narrowed towards $240 after hitting a snag at $245. On the downside, immediate support is observed at the 200-day SMA. An ascending trendline has been key to the recovery witnessed since March when Ether tanked to $90.00.
The gap made by the 50-day SMA above the longer-term 200-day SMA suggests that Ethereum is mainly in the hands of the bulls but due to low volatility, the price is forced to stick to sideways trading.
Applied indicators such as the RSI and the MACD clearly show that bullish and bearish forces are canceling out. The RSI is holding the ground above 55 after retreating from levels above 60. Similarly, the MACD is clinging to the midline (0.00) with no signs of changing the direction anytime soon.
ETH/USD daily chart
 (58)-637302909610809568.png)
Ethereum confluence resistance and support levels
The first resistance which also happens to be a high seller congested zone lies at $241. A cluster of indicators converges here including the previous high 15-minutes, the SMA 50 1-hour, the Bollinger Band 15-minutes upper curve, the Fibonacci 38.2% one-day and the previous high 4-hour. The second key resistance is highlighted by the confluence tool at $253.51 and is home to the pivot point one-week resistance one and the previous month high.
On the flip side, $238.55 is the initial support. It is not as strong as the first support and is home to the previous low one-day, the Bollinger Band 1-hour lower, the previous low 4-hour and the previous low 1-hour. A second support area is highlighted at $233.57 and is home to the pivot point one-day support two, the SMA 100 4-hour and the BB 1-day weekly.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
PancakeSwap loses nearly 3% value intraday as the DEX crosses $1 billion in trade volume
Decentralized exchange (DEX) PancakeSwap (CAKE) announced in an official tweet that it has crossed $1 billion in trade volume on the Layer 2 chain, Base. CAKE on-chain metrics support the thesis of a recovery in the DEX token’s price.
Shiba Inu hits new milestone, over $9 billion worth of SHIB tokens burnt
Shiba Inu (SHIB), the second-largest meme coin in the crypto ecosystem, recently hit a milestone in the volume of tokens burned. Shiba Inu has burnt over 410.72 trillion SHIB tokens since the inception of the burn mechanism in the project, worth over $9 billion.
Dogwifhat crashes 60%, but here's why you should not buy WIF yet Premium
Dogwifhat (WIF) price shows a slowdown in the bearish momentum as it sets up a potential range. This development could lead to a good buying opportunity from a long-term perspective.
XRP struggles to overcome $0.50 resistance, SEC vs. Ripple could enter final pretrial conference
XRP is struggling with resistance at $0.50 as Ripple and the US Securities and Exchange Commission (SEC) are gearing up for the final pretrial conference on Tuesday at a New York court.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.