The gods of crypto must forgive investors in ETH if they believe hardly anything is happening with this cryptocurrency. ETH charts show nothing of excitement. We have a point of control (PoC) at $1627, which ETH price action has barely been able to surpass. When it does so, it falls back down. We may lean on the following to make a case for the current disposition. The choppiness index shows that there is still plenty of energy left in the market. It currently sits at 50.92. At 50.92, there is enough energy to support the formation of a trend. Please remember that the choppiness index does not determine the trend direction.
What determines a trend direction is the Laguerre RSI. A few days ago, the Laguerre RSI hinted at an increase in price. This rise was short-lived as the price action trended sideways. Perhaps the best indication of a lack of a clear direction is the volume profile.
The ETH/USD chart shows the volume profile on the right. We see that the volume profile has two areas of low-volume nodes or low-volume areas. These are sections of the price chart where trading activity and volume are relatively lower. Traders and analysts often pay attention to these areas as they can provide insights into levels of support or resistance. In addition, indicate areas where price may consolidate or experience a breakout.
So, what are the possibilities? If the price breaks to the upside and surpasses $1661, we may see an ETH price of $1825. On the other hand, if the price falls below $1530, we may see an ETH price of $1329. Both sound ridiculous, hence, perhaps the confusion. Of course, there are variables to help with the price levels up or down. The one thing to determine is if the price is at the bottom, with no further to fall, hence the confusion. We must be vigilant and monitor price levels carefully. And as for how the price will move, your guess is as good as mine.
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