The Ethereum price analysis is indicating a downward trend, as the bears are regaining their strength again. The bearish momentum has resulted in a considerable decline in the coin value, and the price has decreased from the $1,900 level to the $1,888 level.
The selling pressure has returned in the ETH/USD market, which has resulted in a bearish cycle. Moreover, the bears are consolidating their position and strengthening their presence in the market. The market opened trading in a strong bullish position, but the buyers failed to sustain the momentum and declined in a downward trend.
Ethereum price analysis 24-hour chart: Bearish pressure pulls ETH back to $1,888
The 1-day Ethereum price analysis is showing that the bulls have been in control of the market since yesterday night. The buyers were attempting to break above the $2,000 resistance level, but they failed to achieve a breakthrough. The bears took a heavy toll on ETH/USD and broke the key support level of $1,876. The coin is currently trading at this level with bearish momentum.
The technical indicators are also indicating that further bearish pressure is likely in the ETH/USD market. The Moving Average Convergence Divergence (MACD) is showing a sell signal with its red line above the blue one. The Relative Strength Index (RSI) has also slipped below the 50 levels, indicating that the bears are gaining momentum in the market. The 20-EMA is also trending downwards, with 50-EMA and 100-EMA following the same trend. The moving average indicator is currently at $1,877, indicating that they are in control of the market.
Ethereum price analysis: Recent development and further technical indicators
The 4-hour Ethereum price analysis is going strongly bearish as the cryptocurrency has gone through a major loss in the last hours. The ETH/USD price has dropped to the $1,888 level, which has been an unexpected blow. The coin has found a new trading range, and it is currently staying between $1,876 and $1,963, indicating a tight range.
The 50-SMA and 200-SMA both appear to be acting as support levels for Ethereum’s current price. The Stochastic RSI is also trending downwards, with its current value at 50.20, indicating that the selling pressure is strong in the market. The moving average convergence divergence (MACD) is also showing bearish momentum with its red line above the blue one. The Histogram is also trending downwards.
Ethereum price analysis conclusion
The Ethereum price analysis shows that the coin is facing major bearish pressure which has caused its value to drop down to $1,888. The technical indicators are also showing signs of a bearish market, with all currently trending downwards. However, if the buyers can take control and break above the resistance level of $1,963 then the price could rise back up to $2,000. The next few hours will be critical in deciding the fate of ETH/USD.
