The Etheruem price has been declining from the past 30 days. In the last 7days, the ETH price has decreased by almost 3,7% and in the last 30 days, the price has decreased by almost 1.6%. Ethereum price is sitting at $346.95 (-1.75%) at the time of writing this article on October 06, 2020. Will ETH price recover? Let’s take a look at it in more detail.
Ethereum Price Analysis: ETH Price Short-Term
On a daily price chart, it seems that the Ethereum price has slightly displayed the downtrend. The only positive thing here could be that ETH has been able to defend the $342 mark and it is trying to climb back above $350. The most critical level could be sitting at $355 but if we closely observe the daily Parabolic SAR chart then it slightly looks promising. We can see that some dots have formed below and above the price and are not declining much in a sloping pattern, this could suggest an uptrend for the Ethereum coin price in the short-term. The key metrics are as follows:
- Price $346.95
- 24hr Change -1.75%
- 24hr Vol $427,860,105
- Liquid Marketcap $38,924,348,308
- Liquid Supply 112,302,740
Ethereum Price Analysis: ETH Price In Long-Term
Now, if we closely observe the Ethereum price weekly chart then its long-term could be extremely bullish. The uptrend could be healthy as the last low is set around $223. Any level above $223 could be a higher low and a resumption of the uptrend. Also, the bulls have been strong to keep the 12-EMA on numerous occurrences. The RSI was considerably overextended but seems to be cooled off now. Overall trading volume is lessening, this could be a bullish flag as a pullback is more effective.
The only thing here to closely observe is the weekly Parabolic SAR chart. Here, we can see that some dots have formed below and above the price and they are declining in a sloping pattern, this could suggest a downtrend for Ethereum coin price in the long-term. The lower dots have formed between $252.50 and $305.37 and the dots are close.
Conclusion
Now, the thing with the SAR is that it could reverse once the price reaches its level. Hence, if SAR is further from price, withdrawal in the indicator is less expected. So, right now, the SAR is close to the current ETH/USD price, which could indicate that the Ethereum price could decrease in the next few days. We wish you happy trading!