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Daily Technical Analysis Research – Cryptocurrency (ETHEREUM)

ETHEREUM (ETH/USD):

As previously noted, Ethereum has been underperforming in terms of price action and momentum. As the primary driver for most Altcoin price movements, ETH has yet to take the lead. I mentioned earlier that I was curious to see how price action would hold within these support areas, but it seems that we have mostly broken through the internal ascending trend line and are now in the process of retesting it. 

Daily Technical Analysis Research - Cryptocurrency (ETHEREUM) - Screenshot 2024 10 08 at 12.01.06 1024x557
If we examine the technicals more closely, it’s evident that we are rejecting the ascending trend line we recently broke through. However, it appears we have bounced back into the previous support region and are now trading higher. I’m interested to see how the price action evolves as we approach the end of the year. At the moment, the RSI indicator is flat, hovering around the 50% level, suggesting neutral momentum.

Daily Technical Analysis Research - Cryptocurrency (ETHEREUM) - Screenshot 2024 10 08 at 12.01.16 1024x557

Author

Matthew Hayward
Matthew is a well-experienced Market Analyst with a key focus on both Fundamental and Technical Analysis. He has experience in covering various market topics including Cryptocurrency, Foreign Exchange, Indices, and Commodities. He looks to provide we...
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