Ethereum’s network has faced several roadblocks in the crypto market in terms of DeFi and price. Keep in mind that high fees and congestion are among the issues ETH users face. Although the platform tried to improve its services, Polygon presented itself as a competitor for ETH’s DeFi Dapps, attracting more users despite Ethereum lowering its prices.
Ethereum, the world’s best alternative coin, experienced pressure over the past few days. While writing this content, Ethereum trades at $1,997.
ETH 4-Hour Chart
Ethereum has its value dipping to $1,831.74, its support at the moment. Keep in mind that the asset failed to cross the $2,029 resistance area since the market had weak momentum to break the level.
Even if Ethereum manages to exceed its local resistance, the altcoin will have it hard to maintain an uptrend. As the market indicates increased bears, Ethereum has its next vital resistance level at $2,279, a 13% surge from $2,029. Support from traders will be crucial at this level.
The Current ETH Market
At the four-hour chart, Bollinger Bands didn’t diverge vastly for the ETH market. Keep in mind that ETH had shown downtrend signs over the last few days as its price dropped through the support level. However, the current recovery had indicated a brief bullish outlook.
The existing bullish sentiment attempted to push the asset’s price above the resistance level. However, inadequate traders support restricted Ethereum below $2,029.
Stochastic Relative Strength Index noted an increased buying pressure, fluctuating to the overbought territory from the oversold area. The move triggered bullish momentum, though a weak trend.
Currently, Ethereum might see its value ranging from $2,029 to $1,831, as bears dominate the market. However, the BTC market might have to maintain its roller-coaster moves for such a possibility. Any BTC change can trigger Ethereum to follow similar suits. For that reason, the market remains unpredictable and risky. A fluctuation in any direction is possible.
If you plan to venture into the ETH market, beware of the increased bears threatening the asset’s bullish momentum. Where do you see the altcoin next? Up or down? Feel free to comment your views below.