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What is Ethereum (ETH) Doing Right Now?
Ethereum is currently trading just below the support at $1,160 and has been trying to break above it since yesterday. The price is still moving within a major downtrend on the macro timeframes and could fall further in the coming weeks. However, the sellers seem exhausted at the moment, and we can expect some relief rally for Ethereum in the coming hours and next few days. Bitcoin has also been going sideways since the last sell-off, and we can expect ETH to recover a bit on the micro timeframes. Let’s take a look at the latest Ethereum charts to see where the price is headed in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 1-hour charts for Ethereum, we can see that the current resistance it is facing is around the $1,160 mark. If the price faces rejection here once again, the support we will expect Ethereum to hold on the lower timeframes is around the $1,060 mark.
On the other hand, if the price successfully manages to break above the $1,160 mark, we can expect a relief rally for Ethereum. The next resistance we will be watching in that scenario is around the $1,250 mark.
On the other hand, if Bitcoin starts to climb or drop rapidly in the coming hours or days, we can expect Ethereum to plunge once again. The support we will need ETH to hold in that scenario is around $905.
Conclusion: Final Verdict on Ethereum (ETH)
Ethereum has been dropping rapidly for the past few weeks and can also fall further in the midterm. However, the sellers seem exhausted right now, and we can expect a relief rally for Ethereum on the lower timeframes. The bulls will try to keep the price in four figures, and it would be interesting to see how high the price can go before dropping down to three figures. If a relief rally does happen, we will be looking for shorting opportunities for ETH.
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