Ethereum price analysis shows a negative trend in today’s session and the bears seem to be in full control of the market. The downtrend has been quite constant since earlier today and this has resulted in a daily low of $1,829 which is currently acting as a support level for the coin. At the time of writing the ETH is currently trading at $1,847 and is down 3.04% over the past 24 hours indicating more selling pressure in the market.
The previous day the buying sentiment had been quite strong and the ETH managed to climb up to $1,938. However today, the bears have taken control since then and have pushed the prices lower. The key resistance level for the coin is seen at $1,938. On the other hand, if Ethereum prices continue to fall then it could dip below the $1,800 mark and find further support at around $1,750.
Ethereum price analysis 24-hour chart: Bearish swing deflates ETH price below $1,900
The daily chart for Ethereum price analysis shows a bearish trend in the market as ETH prices continue to slip lower. In the past few days, the bullish and the bearish trend was quite consistent and the ETH had moved between the $1,800 to $1,938 mark. However today the bears have taken control of the market and have pushed ETH prices lower. The market capitalization of the coin is currently at $221 billion and the 24-hour trading volume is observed to be around $8.67 billion.
The 20-EMA and 50-EMA are observed to be sloping downwards indicating a bearish trend in the market. The RSI is currently at 44 and is showing no clear sign of any momentum in the market. The moving average convergence divergence (MACD) is seen moving in the bearish zone indicating a further dip in the ETH prices. The signal line is seen moving below the MACD line indicating a bearish crossover. The moving average indicator (MA) is currently at $1,873 and is expected to act as a resistance level for the coin.
Ethereum price analysis: ETH is facing strong rejection at $1,938 after slipping below $1,900
The 4-hour Ethereum price analysis is showing signs of bearish momentum as the price decreased quite significantly. The price has been declining consistently as the cryptocurrency is showing a downward tendency. A reduction in price has been recorded in the last four hours as well as the price levels moved down to $1,847. The red candlestick indicates that the selling pressure has been quite strong in the market.
The moving averages indicator is giving out a strong bearish signal as the price levels have been dropping for the past few hours. The 50-day moving and 200-day moving averages are seen sloping downwards indicating a bearish trend in the market. The MACD line is below the signal line which is indicating a bearish crossover. The histogram is seen in the red zone warning of the further downtrend in Ethereum prices. The RSI indicator is seen at 38 indicating a neutral trend in the market. The Stochastic RSI is seen moving in the oversold zone soon as the buying momentum continues to slow down
Ethereum price analysis conclusion
Overall, the market sentiment for Ethereum price analysis remains bearish and it could be in line for more losses if bearish pressure persists. The selling pressure is likely to remain in control unless the buyers can reclaim the losses and push ETH back up toward its previous level of $1,900 level. The technical indicators are in favour of the bears, so ETH could remain bearish for some time.
