Ethereum May Be Gearing Up for Bullish Movement as On-Chain Volume Declines
Ethereum (ETH) has been closely tracking Bitcoin’s price action over the past several days and weeks and was able to incur some bullish momentum this past Tuesday separate from Bitcoin, although this movement was short-lived and was closely followed by a retrace back towards its current price levels.
Analysts are now nothing that Ethereum may currently be positioned for a noteworthy bullish movement in the near-term, as it is currently trading just above a region with massive support.
Ethereum Finds Strong Support at $180
At the time of writing, Ethereum is trading up marginally at its current price of $183.85, which marks a slight climb from its recent lows of $180 that were set overnight.
ETH’s sharp bounce after visiting $180 signals that there is notable support in this region, which is further supported by the fact that it has been finding support around this level in the time since it incurred a massive rally that sent it up to highs of nearly $200 last week.
In the time following this rally, the cryptocurrency has found strong resistance around the lower-$190 region, which may signal that the crypto is currently caught within a relatively tight trading range between $180 and $190.
The formation of this tight trading range has come about amidst declining on-chain volume, which has dropped 11% over the past 24-hours, according to data from TokenAnalyst.
“4H #ETH Network Stats: Price: $185.19 (-0.9%). $ETH On-Chain Volume: $371M (-11.1%). Active Senders: 228K (-0.9%). Active Recipients: 96K (-4.4%),” they noted in a recent tweet.
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24H #ETH Network Stats:
Price: $185.19 (-0.9%) $ETH On-Chain Volume: $371M (-11.1%) Active Senders: 228K (-0.9%) Active Recipients: 96K (-4.4%)
Visit https://t.co/u90eafzR5J for more info
— TokenAnalyst (@thetokenanalyst) October 31, 2019
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ETH May Be Positioned for Further Gains in Near-Term
As for which direction ETH will move once it breaks free from this bout of consolidation, analysts are currently noting that the strong support region directly below Ethereum’s current price gives bulls an edge over bears.
Mayne, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, explaining that he is currently bullish on ETH based on its weekly chart while pointing to the significant support that lies directly below its current price.
“$BTC probably isn’t going to $16k today. But, looking at the weekly charts for it and $ETH I can’t help but be bullish. Still, a lot of salty bears under my posts. I’m going to redeem ICT’s name by catching the bottoms on both with order blocks,” he said while referencing the charts seen below.
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$BTC probably isn't going to $16k today.
But, looking at the weekly charts for it and $ETH I can't help but be bullish. Still, a lot of salty bears under my posts.
I'm going to redeem ICT's name by catching the bottoms on both with order blocks.
Happy Halloween everyone! pic.twitter.com/C2FmCdXaeb
— Mayne (@Tradermayne) October 31, 2019
The coming few days will give traders and analysts alike significant insight into which direction Ethereum and the aggregated crypto markets will head next, and it is highly probable that this will be largely based on Bitcoin’s performance in the near-term.
Featured image from Shutterstock.
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