Ethereum price is trading within a tight range as the crypto market eases. According to the crypto fear & greed index, the level of greed in the market has declined from last week’s 79 to 73. However, it is still higher than the previous session’s 72. Cryptocurrencies will likely record limited price movements as the market enters into profit-taking mode.
ETH remains range-bound as has been the case for the better part of August. Even with the recorded volatility, the crypto has been trading within a horizontal channel of between 3,000 and 3,380.74.
While the bears have attempted to break the support level at 3,000 in several instances throughout the month, it has remained a solid zone. Notably, the bullish sentiment has buoyed Ethereum price above that that level. However, it has not been enough to push the crypto to the resistance level of 3,400.
At the time of writing, it was down by 1.21% at 3,186.20. On a four-hour chart, the price is seesawing around the 25 and 50-day exponential moving averages that have converged at 3,200.
In the immediate term, I expect Ethereum price to remain within a tight range while trading above the support zone of 3,000. Its price movements will likely be within the range of between 3,129.05 and 3,289.85. A move above the upper border will have it experience resistance at 3,380.85. In the near term, the crypto may fail to reach the upper level of 3,400.