Ethereum price analysis shows a negative trend in today’s market. The Bearish pressure on ETH is still present and it appears that the bears are in control. However, there is a good chance for the bulls to take back control if they can push the price above the $1,962 resistance level.
The ETH/USD is currently trading at $1,876 and has dropped below the $1,900 level. The next major support for Ethereum is at the $1,792 mark. If the bears can break through this level and maintain their current momentum, then ETH could further slide down to the $1,700 range.
In the past 24 hours, the ETH market has seen a decrease in both volume and liquidity. The total 24-hour trading volume for Ethereum stands at $15 million, which is significantly high by 56.46 per cent indicating that traders are actively trading the crypto despite the bearish pressure. However, The market capitalization of Ethereum has also dropped by 1.66 per cent to $213 billion.
Ethereum price analysis 24-hour chart. ETH step down to the $1,876 range
The 24-hour Ethereum price analysis chart shows that the market has been in a downtrend since it made a high of $1,962 this week. The market then rolled over and fell to a low of $1,876 for the last 24 hours, with a decrease of 4.15 per cent. The market has been consolidating for the last few days, and it looks like the bears are in control of the market. The market looks like it could continue its downtrend in the near term as the bears look to take control.
The daily technical indicators are mostly pointing to the bearish sentiment in the market. The moving average indicator is currently at $1,876 and is sloping downward. The Relative Strength Index (RSI) has dipped and currently stands at 48.28, indicating that the bears are in control of the market momentum. The moving average convergence and divergence (MACD) line has also crossed below the signal line, indicating a bearish crossover.
Ethereum price analysis 4-hour price analysis: ETH is facing rejection at $1,962
The 4-hour chart for Ethereum price analysis shows that the market is facing rejection at the $1,962 mark. The bulls have been pushing for a break above this level, in the previous day, however, the bears have been successful in pushing the market back below this level. The bulls will need to break through this level if they are to take back control of the market.
The moving average indicator on the 4-hour chart has also dropped to $1,885 and is trending downward, while the RSI indicator is currently at 50.24, which is still in neutral territory. However, if bears continue to dominate the market, then the RSI will move further into oversold territory. The MACD indicator is also in a bearish crossover as the histogram is trending downward with red bars.
Ethereum price analysis conclusion
To sum up, Ethereum price analysis shows that the bears are in control of the market and ETH is currently trading at $1,876. The bulls have failed to break above the $1,962 resistance level and the bearish sentiment is still present in the market. The daily technical indicators are mostly pointing to a bearish trend and if this continues, then Ethereum could be headed towards the $1,800 range.
