ETH Technical Indicators Lean Slightly Towards Bullishness

Although the crypto market is still mostly bathed in red today, Ethereum (ETH) is one of the cryptocurrencies that saw a much better 24 hours. The crypto market tracking website CoinMarketCap indicates that ETH is currently trading at $1,265.03 after a 1.56% increase in price over the last day. The altcoin is also in the green by about 0.08% over the last seven days.

ETH was also able to strengthen against its biggest competitor in the market, Bitcoin (BTC) by 0.17%. Also in the green is ETH’s 24-hour trading volume which currently stands at $5,047,340,918 after a more than 175 increase over the last day.

Daily chart for ETH/USDT (Source: CoinMarketCap)

The price of ETH continues to trade above the 9 and 20-day Exponential Moving Average (EMA) lines. This continues the trend seen over the last week to 2 weeks as the price maintained a position above the two lines for the majority of the period.

The flat price movement suggests that ETH traders and investors are waiting in anticipation for a certain event before steering the altcoin leader’s price in a certain direction. This event is most likely the CPI announcement by the U.S. Federal Reserve today.

Technical indicators are leaning slightly towards bullishness as there is a slight margin that exists between the 9-day EMA and the 20-day EMA, with the 9-day EMA positioned above the longer EMA line.

In addition, the daily RSI line is positioned above the daily RSI SMA line. The RSI line is, however, sloped negatively towards the oversold territory.

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