The Ethereum price analysis confirms a downtrend for the day, as the selling momentum has been observed for the past few hours after a brief pullback. The ETH/USD pair has witnessed a sharp decline from $1,843 to the current level of $1,753. The bearish strike has negated the bullish pressure around the $1,800 mark and pushed Ethereum prices lower.
The previous day’s high was at $1,843, which acts as a resistance level in the current market. However, the bulls were unable to sustain the breakout. The sellers have taken control of the market, and if the bearish pressure persists, Ethereum prices could drop further.
Ethereum price analysis 1-day chart: Bears gain momentum at $ 1,753
The Ethereum price analysis on the one-day candlesticks chart reveals that the bulls have been in control of the cryptocurrency for as much as the past few days. However, today’s bearish pressure has broken down the Ethereum price and pushed it below the $1,800 level. The cryptocurrency is hovering near the $1,753 mark, with a loss of -3.4 percent over the day.
The volatility is also increasing compared to the past few days, and the upper Bollinger band is found at the $ 1,834 mark, while the lower Bollinger band is found at the $1,411 mark, which means that the price movement has become more uncertain. The MACD indicator shows a bearish trend in progress and is located in the negative zone, while the RSI has dropped to 38 levels which suggests further downward pressure on Ethereum prices.
Ethereum price analysis: Bears struggle to sustain a downtrend
The four-hour Ethereum price analysis shows a continuous decline in the coin’s value, as a massive fall has been observed in the past few hours. This is because the bears have made a comeback and are striving hard to win back their lead. The selling momentum is increasing, which is why the coin value leveled off at $1,753. The sudden bearish sweep has had devastating effects on the buyers. The moving average value is to cross below the SMA 50 curve, which is currently present at the $1,713 mark.
The downward trend is expected to extend further in the next few hours. The Relative Strength Index (RSI) graph shows a bearish curve as the score keeps dropping and has reduced to the 50.60 level, which suggests that the bearish pressure is expected to continue in the near future. The MACD chart is also in the bearish zone, which confirms the downtrend. The orange line has crossed the blue line, and this signifies that the bears are reinforcing their grip. The Bollinger Bollinger Band curves have narrowed down, thereby confirming the bearish market trend.
Ethereum price analysis conclusion
The Ethereum price analysis reveals that the bears have overpowered the bulls and are sustaining a downward momentum. The $1,800 level acts as a resistance, and any attempt to cross it will be unsuccessful. As of now, support is present at the $1,744 mark. If Ethereum prices dip below this level, further losses can be expected. The technical indicators seem to confirm that a bearish market is in progress. Thus, only an extremely strong bullish wave could reverse the current trend and bring back the buyers’ confidence in ETH/USD pair.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve.
