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Ethereum Current Range Low, Can Buyers Rebound

Ethereum Current Range Low, Can Buyers Rebound?

Ethereum current range low has extended its range-bound price action on lower timeframes, presenting a potential profit opportunity for buyers at the range low. Over the past month, ETH has oscillated within a broad price range, with $3.2k acting as the range high and $2.9k as the range low.

Ethereum Current Range Low

Recently, ETH buyers have maintained the price floor at the $2.9k support level despite persistent selling pressure. As ETH trades just above the $2.9k support level, buyers have a chance to leverage this price zone for a possible reversal. ETH’s latest price rejection occurred at the $3.2k range high on May 6, triggering another wave of selling pressure that pushed the altcoin to retest the $2.9k range low.

This scenario, however, offers a potential rally opportunity for buyers. Historical price action within this trading range indicates that ETH has successfully achieved bullish rebounds from the $2.9k support level three times, making it a solid price zone for buyers with a tendency for repeated price movements.

Indicators Signal Bullish Movement

Chart indicators suggest a potential bullish move. The Chaikin Money Flow (CMF) shows capital inflows rising to +0.08, indicating increasing buying pressure. However, the Relative Strength Index (RSI) remains below the neutral 50 mark, held down by ongoing selling pressure. For a sustained upward rally, bulls will need the RSI to flip bullish.

https://www.cryptowaves.app/relative-strength-index/ETH

Buyers might consider entering at the current market price of $2.9k, aiming for a target zone between $3.1k and $3.2k. However, if a bearish candle closes below the $2.9k support level, the bullish thesis would be invalidated, and buyers might need to look toward the $2.7k support level for new entries.

https://www.coinglass.com/LongShortRatio?ref=blockhead.co

Market Sentiment and Trade Management

Traders in the futures market have shown a slight bullish lean on higher timeframes, which could encourage spot traders. Nonetheless, tight margins mean trades could easily swing either way. Open long positions should be managed carefully to avoid being caught by sharp price drops.

Conclusion

To conclude, Ethereum current range low bound price action presents a potential profit opportunity for buyers at the $2.9k support level. While indicators suggest a possible bullish move, careful trade management is essential to navigate the market’s volatility and capitalize on potential rebounds.

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