Ethereum (ETH) Still Hovers Near the $2,500 Price Level

As of today, and at the time of writing, the Ethereum token has registered a price gain of just 1.31%. However, this gain was enough to make the token rank as the second most profitable coin. The mentioned price increase isn’t particularly noticeable on larger time frames but may be more pronounced on shorter ones. Let’s take a closer look at the market below.

ETH Statistics

Current Price: $2,430

Market Capitalization: $291.25B

Circulating Supply: 120.72M ETH

Total Supply: 120.72M ETH

CoinMarketCap Rank: 2

Key Price Levels

Resistance: $2,500, $3,000, $3,500

Support: $2,000, $1,500, $1,000

Ethereum’s Upside Contraction Not Enough

As stated earlier, the ETH market has shown only minimal gains. This is reflected in an upward contraction visible on the latest price candle on the chart. However, price activity remains above the middle band of the Bollinger Bands, which are slightly tilted upward.

The Moving Average Convergence Divergence (MACD) lines remain above the equilibrium level but have converged and are oriented more sideways. This likely reflects the effects of the previous slowed downward retracement.

Ethereum Market Sees Only Minimal Upward Rebound

Analyzing Ethereum’s price action on the 4-hour chart reveals that the market has experienced a minimal but sustained upward retracement. The last two price candles on this chart have been green, with the one preceding the latest rebounding off the lower limit of the Bollinger Bands.

The Bollinger Bands now show a slight sideways to a downward slope. Additionally, the MACD indicator lines have fallen below the equilibrium level, although the most recent bar is a pale red, suggesting weakening downward momentum. Despite the overall subdued nature of the market, traders may still find opportunities for gains toward the $2,500 price level.

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