The Ethereum price analysis is bearish for today as the ETH/USD price is correcting after a rallying high for the past few days. The downward pressure started when the price failed to break above the $2,173 level and reversed sharply lower below the $2,100 support. This resulted in a stronger decline as the price dropped further toward the $2,083 low before finding some buyers near this level.
The Ethereum market has seen increasing selling activity since the breakdown beneath $2,173. Recently, it dropped below the support area of $2,100 and entered a bearish zone. If the bears remain in control, ETH could continue to move downwards toward the next important supports at $1,975 and $1,950.
However, the buying pressure is still strong and the bulls may try to push the ETH/USD pair back above $2,100. If this happens, the price could face further resistance at $2,133 and then around $2,200.
Ethereum price analysis 1-day chart: ETH return to $2,083 after the bearish comeback
The 1-day Ethereum price analysis shows a bearish momentum and a further price decrease is expected in the coming hours as bears continue putting pressure. The price has stepped down to $2,083 while still reporting an increase in value by 0.76 percent due to yesterday’s spike in price, and the overall picture is also brighter as the coin reports an increase in value by 11.68 percent over the course of the last seven days. The trading volume has increased by 65.04 percent, which has resulted in a market dominance of 20.45 percent.
The four-hour technical chart is also bearish, with the price trading below the 9-day and 21-day moving averages. The moving average convergence divergence (MACD) indicator is moving close to the zero line, with a bearish crossover in place. The histogram shows a decline in selling activity, with red lines shortening. The relative strength index (RSI) has dropped below 70 and it is currently trading at 69.62.
Ethereum price analysis: Recent developments and further technical indications
The 4-hour Ethereum price analysis shows the coin price function is facing the resistance present at $2,137 currently as bears regained the lead. The price breakout was upward at the start of the trading session, but later bears took over, and the red candlesticks are indicating bearish progress. The moving average (MA) is trading at $2,093 above the SMA 50 and below the current price level.
The moving average convergence divergence (MACD) is bearish as the histogram has taken a downward turn, with red color dominating the chart. The relative strength index (RSI) is also in bearish territory, trading below 60 and currently at 56.41, indicating that the coin is facing oversold conditions. The EMA 12 is below the current price level and is heading toward a bearish crossover.
Ethereum price analysis conclusion
Overall, Ethereum’s price analysis indicates that ETH is in a downward trend as bears have taken control of the market. The buyers need to break above $2,137 to invalidate the bearish setup and return back into an uptrend. Otherwise, ETH could drop further as the bears remain in control. The technical indicators also point to a bearish momentum, with the selling pressure increasing.
