September 30, 2022

Ehtereum (ETH) Price Looks Exhausted Near $3,200, Is Upside Over!

2 min read

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Ethereum’s (ETH )rate trades lower on Tuesday after checking the$3,200 mark over the previous 2 weeks. Investors stay reclusive to position fresh aggressive quotes around the present levels.

  • Ethereum stops briefly the gains on Tuesday after extending gains for consecutive 5 sessions.
  • A decisive break above $3,200 could bring more buying opportunities in the pair.
  • The price sits easily above $50 DMA.

Ether, the native coin of Ethereum is the second-largest cryptocurrency with the current market cap of $364,725,828,783.

Ethereum might retreat towards $2,800

On the daily chart, Ethereum’s (ETH) cost has actually gained bullish momentum and manages to close above $3,200. Currently, ETH is hovering near the same level without a strong conviction to maintain the upside momentum. The financiers turned near the support-turned-resistance zone. The volumes have actually been encouraging towards the upside momentum in the rate.

Source: Trading view However, the development of the ‘Symmetrical triangle’ formation suggests indecision among investors. ETH would pull back towards the $2,800 horizontal support line if the triangle breakouts on the lower side.

The current bias for Ethereum is bearish in the short term. ETH is losing momentum as the volume is also decreasing, which is supporting the existing down search for the pair.

The Daily Relative Strength Index (RSI) trades at 54. But the momentum indication pulled back from 57, which shows investors declining purchasing interest in the set.

Furthermore, ETH is currently struggling listed below the 50 DMA at $3,225.31 indicating challenges for the purchasers. A definitive break below the $2,800 level could heighten the selling pressure towards the $2,400 horizontal support line.

Additionally, if the breakout occurs toward the upper end then the first target could be found at the $3,600 horizontal resistance level. As ETH breached the pointed out level the sentiment would turn in the favor of bulls and might leap toward the mental level of $4,012.

The post Ehtereum (ETH) Price Looks Exhausted Near $3,200, Is Upside Over! appeared initially on CoinGape.