Tuesday's ETH Price Prediction: Can Ethereum Break Free?

The cryptocurrency market has been experiencing a sideways movement, with a slightly bearish trend observed over the past weekend. Notably, the prominent cryptocurrency Bitcoin (BTC) has retraced to the critical rebound level of $30,000 on Monday.

Meanwhile, the second most prominent cryptocurrency, Ethereum (ETH), is currently showing a sideways movement on the hourly price chart within a narrow horizontal range. There is a possibility that buyers might soon take advantage of a bullish wave, as the hourly Relative Strength Index (RSI) is steadily increasing and aligning with the formation of higher lows.

Source: Tradingview  

Ethereum's price has been observing a sideways movement within the range of $1880 to $1840 on Monday, with the current ETH price standing at $1871 as of now. According to data from CoinMarketCap, Ethereum's price has seen a decline of 4.8% over the past seven days. Additionally, the trading volume over the last 24 hours has remained relatively low, staying at $5.1 trillion.

Following the recent retracement, there is an opportunity for buyers to push the Ethereum price back above the $1850 support level. However, they may face immediate resistance around the $1900 mark.

Source: Tradingview

On the daily price chart, Ethereum's price is currently trading sideways, positioned just above the 50-day simple moving average. Buyers are actively defending this zone to protect their positions. However, if the ETH price were to slip below this crucial support level, it could potentially trigger a significant downturn, leading to a potential bloodbath scenario until the price reaches the 200-day simple moving average.

It is worth noting that the daily Relative Strength Index (RSI) is indicating a lack of clear directional momentum due to low volatility, with its peak remaining flat around the 50 mark. In order to achieve immediate gains, bulls would need to make a decisive breakout above the 20-day simple moving average.

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This information is for educational purposes only and does not constitute investment advice. No person should rely on it to make any investment. Investing carries risks, including the loss of capital. All opinions expressed are subject to change without notice. Past performance is not indicative of future results. Always seek the advice of a licensed investment professional before making any investment.