The Ethereum price analysis today shows that the bearish sentiment is intensifying as the ETH token slips below the $1,900 level. Ethereum was trading at the $1,921 level prior to the decline but faced strong rejection which pulled it back toward the support zone of $1,827. At this point in time, Ethereum’s price is trading at $1,861, with more bearish momentum likely to follow in the near future.
The market for ETH has been declining for the past few days as more selling pressure is being experienced from the market. The decline coincided with the overall bearish sentiment in the cryptocurrency market as ETH also declined by over 12% in a matter of days. The trading volume for Ethereum is also declining, which indicates that traders are moving out of the ETH market.
Ethereum price analysis 24-hour chart: Bears remain in control at $1,861 mark
The 24-hour Ethereum price analysis shows that the price has been following a decreasing trend for the past few hours, with the strongest correction observed yesterday. However, bears tried to lower the price further below; although there have been instances where the bulls tried to take over the market, the overall trends have been in favour of the sellers.
A slight decline in ETH/USD value has been recorded in the last 24 hours, as well as the price moving down to the $1,861 level, and the coin has been at a loss of 2.52 per cent for the past 24 hours.
At the moment, Ethereum is trading below the 9-day and 21-day moving averages, indicating a strong bearish sentiment in the market. The moving average (MA) is relatively at a lower position, at $2,008, which is also a sign of the bearish trend. The SMA line is also heading downwards, which indicates that the market trend is bearish. The RSI value is currently at 45.69, which shows that the current momentum is quite weak and the selling pressure is dominant. The MACD line is also below the signal line, which shows that the downward trend of ETH/USD is going to continue in the near future.
Ethereum price analysis on a 4-hour price chart: ETH consolidates below $1,900
The 4-hour Ethereum price analysis shows that the bulls have been at the lead for most of the days this week, pushing the price to $1,920. However, the selling pressure picked up yesterday and ETH/USD dropped below $1,900 in a very short time. The bears have formed a bearish pennant, with lower highs and higher lows, suggesting that the price is consolidating before a further decline.
The moving average is currently at a lower position at $1,882. The 20 MA line has also gone downwards, and the SMA line is following a bearish trend as well. The RSI value is currently at 27.71, suggesting that the selling pressure is dominating the market and bears are in control of the trend at this moment. The MACD line is also below the signal line, as the histogram values are decreasing. This further confirms that the market trend is bearish and we can expect a further drop in Ethereum’s price in the near future.
Ethereum price analysis conclusion
To sum up, the Ethereum price analysis confirms that, despite the fact that the coin is currently showing a bearish tendency on the daily chart, the price has undergone a significant decrease. But, there are chances for the bulls to take over again in the coming hours if the buying activity continues; however, a steep recovery does not seem possible today.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve.
