Ethereum (ETH) price is down today as the overall crypto market trades in the red. Furthermore, ETH has fluctuated in a consolidating range for the past few sessions. Sellers remain hopeful below the key moving average crossover.
- Ethereum (ETH) heading for a 20% correction from current levels.
- ETH price could soon test the Low on January 10 with a possible break of the pennate to the bottom.
- The remote support of $2,928 will require sellers to test the September low of $2,650.
ETH looks for 30% depreciation on pennate analysis
Ethereum (ETH) price pivots in a tight trading range inside a pennant formation with signals pointing to a downside as bulls fail to hold onto recent gains extending from the day’s lows 9. However, the battle between market forces caused the price to fluctuate between $32k and $34k.
The pennant can break above or below, the bears remain in a dominant position while taking clues from the technical momentum oscillators. Volume increased with the decline at $10,526,745,621 with an increase of about 11%.
MACD (Moving Average Convergence Divergence) holds below the moving average with a neutral view. However, the daily Relative Strength Index (RSI) trades at 38 with a bearish crossover. The technical setup favors the bearish scenario. Today’s low touches the pennant’s lower trendline, a daily close below it reinforces the bearish outlook for the altcoin in the short term.
Also, if the bulls magically move back to the down slope of the channel and touch the 200 EMA (Exponential Moving Average) then the bulls will have hope of touching the 36 level. thousand dollars as an immediate upside target.