Recent Ethereum price analysis shows the bears have been able to suppress the price levels below the $2,000 level during the latest downtrend. The bears are reigning the price charts as the price has decreased again during the day. Currently, it is settled on the $1,953 mark and is expected to decrease to an even lower level in the coming hours as well.
The bearish momentum is to extend in the future as well as the broader cryptocurrency market is indicating a downtrend. However, the bulls can still provide some support at $1,928 by holding off the bearish pressure and helping the token find stability. Currently, the resistance for the ETH/USD pair lies at the $2,005 level, which was breached a few hours ago. However, the bears have taken over and are likely to keep the price from crossing this level in the short term.
Ethereum price analysis 1-day price chart: Bearish pressure still weighs on the price function
Looking at the 1-day price chart for Ethereum price analysis shows the price has decreased quite steadily because of the constant increase in bearish momentum. Bears and bulls are in a tug of war and at the current moment, the bears have managed to keep the price below the $2,000 level. The trading volume for the market is currently low at $12 billion, which has led to a decrease in price, while the market capitalization is standing at $235 billion.
The technical indicators for the Ethereum price analysis remain bearish and suggest that the bears will continue to dominate the market in the upcoming hours as well. The MACD indicator is still in a bearish position, which signifies that selling pressure remains high on the ETH/USD pair. Similarly, the RSI indicator has decreased to the 64.43 mark and is currently indicating a bearish market sentiment. The moving average indicator is at $2,034 for the 1-day price chart but is not expected to be breached soon.
Ethereum price analysis: Recent developments and further technical indications
The 4-hour Ethereum price analysis is showing signs of bearish activity taking place as the price has decreased to a considerable level. The price is standing on the $1,953 mark at present and is expected to move even lower in the upcoming time period. In the 4-hour price chart, the technical indicators are showing a bearish sign, with the MACD line standing below the signal line, indicating a bearish momentum.
The Relative Strength Index (RSI) score has decreased but is in the oversold zone at 32.28, indicating more bearishness ahead. The moving average (MA) value is still standing at $1,989, however, the MA 50 and SMA 20 lines are going south, which means that the bearish trend will probably continue in the near future as well.
Ethereum price analysis conclusion
To sum up, Ethereum price analysis shows that the bearish momentum will probably remain steady in the upcoming hours and push the price levels below $2,000. The support for ETH can be found at $1,928, while resistance is standing at $2,005. As far as a technical indicator is concerned, they are suggesting a bearish overall sentiment in the market and are not likely to change in the near future.
