- Mundane trading dominates the market as Ethereum stability enters the second week.
- Ethereum bullish and bearish pressure cancel out as sideways trading progresses.
There has been a period of low trading activity in the market. The mundane trading has seen most assets avoid movements to either side. Ethereum, for instance, has stayed above the support at $106 following the declines last Sunday. The upside, on the other hand, has been capped at $108.
In the last week, there has been a 2.39% increase in the price of Ethereum, a move that has brought ETH/USD to the current market value of $107.09. However, in the last thirty days we see a decline in the price by about 27%. The crypto is holding tight in the third spot with a market capitalization of $11.2 billion and a 24-hour exchange volume of $2.5 billion.
Looking at the 4-hour chart, Ethereum movement is currently limited between the short-term resistance at $110 and the support at $106. The trend is, however, bullish at the moment while supported by the 50-day Simple Moving Average (SMA) in the same time range. The Relative Strength Index (RSI) has neither entered the oversold region nor the overbought territory since the start of February.
The sideways trading is bound to continue as the Moving Average Convergence Divergence (MACD) is horizontal while holding tight on the mean line. This means that selling pressure and buying pressure are canceling their effect. For a bullish moment to continue, ETH buyers must battle to not only defend the support at $106 but also push the price above the hurdle at $110.
Ethereum node vulnerability fixed: Urgent update called for ahead of hard fork
ETH/USD 4-hour chart
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel