Ethereum price analysis for today shows ETH is currently stuck in a consolidation phase around the $1,822 mark. The price of ETH is trading around a narrow range between the support at $1,807 and the resistance at the $1,874 level. The bullish momentum and the bearish are still in a tug of war.
The bulls are trying to push the price above the resistance at $1,874, however, the bearish pressure is prohibiting the price from breaking the resistance. The bears are still in control of the price action and if they break below the support level, ETH/USD could fall to $1,800 and potentially lower.
The circulating supply of Ethereum has stayed stable over the last 24 hours and currently stands at 120,406,936 ETH. The market capitalization of Ethereum is $219 billion and it is currently ranked in the 2nd position in terms of market capitalization. The trading volume for the ETH/USD pair has also decreased significantly since the start of this week and is currently at $8.19 billion.
Ethereum price analysis 24-hour chart: ETH token stays in a narrow range above $1,807
The 4-hour chart is showing that Ethereum’s price is trading in a tight range above the support level at $1,807, which was breached earlier today. The whole week the bearish pressure has been increasing and pushing the price below the support. Despite this, the bullish needs to break above the resistance at $1,874 for the bulls to take control.
The RSI indicator is falling, indicating that the bearish pressure on Ethereum’s price is increasing and if it breaks below the 40 level, it could be a sign of more losses ahead. The MACD shows that ETH/USD is currently in a bearish momentum, with the MACD line trading below the signal line. The Bolinger bands on the daily chart are also indicating that a bearish move could be on the cards as ETH/USD stays in a tight range between the lower and upper bands. The upper Bollinger band is currently at $2,141 while the lower band is at $1,739.
Ethereum price analysis 4-hour chart: Recent development and further technical indicators
The 4-hour Ethereum price analysis is declaring bearish supremacy as the price has been covering a range downwards from the start of the trading session and even in the last four hours, after getting a breakout downwards today. In the past few hours, a downward trend has been observed as the price has moved down to the $1,822 level. The price has dropped significantly as the bears are gaining strength.
The volatility in the 4-hour chart has been low as the price is still trading in a tight range and has not seen any major movements. The Bolinger bands in the 4-hour chart are converging, which could indicate a continuation of the downward trend. The upper Bollinger band is currently at $1,887 while the lower band is at $1,814. The RSI indicator is also declining and currently stands at 35.75. This indicates that the bearish pressure is increasing. Additionally, the MACD line is below the signal line, which shows that ETH/USD could see further losses in the near future.
Ethereum price analysis conclusion
Overall the market sentiment for Ethereum is still bearish, with the price staying within a tight range between the support at $1,807 and the resistance at $1,874. The technical indicators are also showing that there could be further losses ahead as the bears continue to pressure the price of ETH/USD downwards. If the bears break below the support level, Ethereum could fall to $1,800 and potentially lower. The bulls need to break above the resistance level for a bullish breakout.
