Ethereum Lodges For Support at $2.5K After Price Rally Struggles

• Ethereum price has factored in a further price drop in the past day as per CMC data. 
• The altcoin’s daily trading volume has shown increases by 29.93%.

On a rare occurrence, the overall crypto market has recorded neutral price actions in the last 24 hours. When comparing the past day, Bitcoin’s returning back to the $67K level might have contributed to neutralizing price actions. Meanwhile, the market’s trading volume has surged by 19.08% in the past day. 

Notably, leading altcoin Ethereum has contradicted Bitcoin by turning to the bearish end. The token incurred a 1.90% price drop in the last 24 hours falling to its previous support at $2,500. ETH has shown increased volatility in the past day, as indicated by the RVI and its daily price chart. 

In the Asian afternoon hours of October 23, Ethereum was trading at a high of $2,672 as per CMC data. Following this, it rose to the $2,700 level momentarily before sliding downwards hitting an intraday low of $2,450. As the token’s volatility took to effect, it once again attempted to overpower the bears before reaching current trading levels. At the time of writing, ETH was trading at $2,524. 

Zooming out, over the past week, Ethereum shows a 3.11% price dip as the token has faced downward pressure in the past few days. Furthermore, when analyzing Ethereum’s weekly price chart, there can be seen signs of a price rally initiation. At the beginning of the week, the altcoin traded at $2.6K levels, after which it tested the $2.7K level.

Will Ethereum Price Manage to Exhibit a Rally? 

On inferring the cryptocurrency’s price chart and technical indicators, Ethereum has shown minimal price actions these past few weeks. Despite other cryptocurrencies showing significant price increases influenced by the Uptober rally, ETH did not join the banter. Moreover, the altcoin failed to sustain the brief positive momentums that it incurred during this time. 

Additionally, the token’s Moving Average Convergence Divergence (MACD) signal line stands close to the MACD line awaiting a bearish crossover. In case of further declines, the MACD line might move above the signal line. Relatedly, the token’s RSI stands at 47.76 indicating a selling sentiment in the market. 

However, if the token does manage to overpower the bears, it can be expected to show price increases in the coming months. Meanwhile, the US spot ETH ETFs have turned bullish with inflows of $1.27 million as per Sosovalue data. 

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