TLDR
- Ethereum price is trading around $2,972, showing intraday volatility with sharp declines and recoveries.
- The price is confined in a narrow range, indicating consolidation near the $2,950-$3,000 zone.
- Ethereum faces key resistance at $3,000 and $3,100, requiring a breakout for an uptrend.
- The market capitalization is $358.81 billion, down 0.93%, with a 15% increase in trading volume.
- The release of the FOMC minutes could introduce volatility, affecting Ethereum price movements and stress tests.
Ethereum price is trading near its monthly low of $2,720 as the digital asset prepares for a possible bull run once the $3,000 level recovers. During today’s Asian trading session, ETH price opened at a market value of $2,927 before trending in a clear horizontal direction.
Ethereum drops 0.93% as price trades below $3,000
At the time of writing, data from CoinMarketCap confirms that the price of Ethereum is trading around $2,972, recording notable intraday volatility marked by rapid declines and intermittent recoveries. ETH price falls sharply from levels above $3,000, entering a lower consolidation range. Trading activity exhibits repeated swings, characterized by brief upward movements followed by renewed downward pressures.
ETH price action remains confined within a relatively narrow band for an extended period, indicating sustained sideways movement. A subsequent rise pushes the price closer to the $3,000 level before another pullback occurs. The market capitalization amounts to $358.81 billion, reflecting a daily decline of approximately 0.93%. The twenty-four-hour trading volume amounts to approximately $21.44 billion, representing an increase of more than 15%. Higher volume coincides with larger price fluctuations on the price chart.
Ethereum Price Tests Key Levels Ahead of FOMC Minutes Release
An observation by Ted Pillows confirms the current price trend and weighs on the next Ethereum price trend. According to Ted, ETH price remains in the range of $2,950 to $3,000, showing consolidation around key support and resistance levels. Analysis shows resistance around $3,000 and $3,100, with Ethereum price struggling to maintain bullish momentum. For a bullish move, Ethereum price needs to reclaim the $3,000 zone, as seen in previous price attempts.
Failure to sustain above these levels could result in a decline towards lower support levels near $2,850 and $2,700. The price action shows repeated tests of resistance, indicating indecision in the market. The release of the FOMC minutes could introduce volatility, which could trigger price movements. ETH price faces tight trading conditions, with notable support in the $2,850 zone. A clear break above $3,000 could pave the way for further gains, while downside risk remains if support levels do not hold.
