ETH Technical Analysis: Ethereum Consolidates After Diving Over 11%

As ETH hit its 2-week low, the recent price consolidation shows some signs of improvement signaling buying opportunity at the bullish breakout. Declining below $1300, Ethereum (ETH) witnessed its 2-week low on Wednesday. The coin has lost more than 11.41% in the last 24 hours and 17.60% in the last week. Dropped by about $140.87 today only, ETH has a 24-hour high of $1,579 and a low of $1,227.29. Currently trading at the price of $1,303.39, at the time of writing, the coin is currently consolidating the losses. If the price action breaks up above the new resistance near $1320, recovery may lead to a bullish breakout.

Key Points

• ETH daily chart shows a highly influential bearish trendline
• Consolidation at $1300 signals a consolidation in ETH price actions
• The intraday trading volume in Ethereum is $ 40.31 billion.
• Source Tradingview

Ethereum Technical Analysis

ETH price action maintains a declining trend after it broke the crucial support level of $1400 during early trades. With ETH price trading below 100 hourly simple moving average, the coin price chart projects a solid underlying bearishness. However the price consolidation near the 50% Fib retracement level teases a reversal rally, that may give buying opportunities for investors. Moreover, with the 50-day and 200-day SMA moving sideways the ETH price supports the downtrend.

Technical Indicators

The daily-RSI chart shows, just after breaking the overbought zone above 70%, RSI sharply declined below the halfway line making a bearish divergence, and moving far below the 14-day simple moving average lines. As the bearish histogram declines, despite showing some recovery, MACD could not sustain the selling pressure, making a steep bearish crossover while approaching the midline. The ETH prices consolidation at around $1300 signals potential recovery, as buyers may have buying opportunities at a bullish breakout.

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