The latest Ethereum price analysis shows a continuous bearish trend in the market. The ETH/USD pair has declined significantly over the past week, sinking to the $1,850 mark as bearish sentiment builds. The coin is currently trading in bearish territory and is likely to remain under pressure in the near term.
The selling pressure intensified on the ETH/USD pair after it broke below the psychological level of $1,882. This level provided strong support initially, but buyers were unable to defend it and hence the price fell sharply below this point. There is a considerable amount of support present at $1,842 for the ETH/USD pair. If this level fails to hold, then the coin is likely to slide further and test its next support at $1,800.
On the upside, there is strong resistance present around the $1,882 level. If buyers are able to break through this point again and maintain a higher high, then it could signal a possible bullish trend in Ethereum prices.
Ethereum price analysis 24-hour chart: ETH sinks down to $1,850 as bearish sentiment builds
The one-day Ethereum price analysis is giving a bearish prediction for the day as the price has moved down. The price has been following a declining trend for the past few days, and the cryptocurrency has been under constant loss. The bullish momentum has not been recovered as a downward trend was observed during the last 24 hours as well.
The daily technical indicators are mostly pointing to the bearish sentiment in the market. The moving average indicator is currently at $1,982 and is sloping downward. The Relative Strength Index (RSI) has dipped and currently stands at 45.55, indicating that the bears are in control of the market momentum. The moving average convergence and divergence (MACD) line has also crossed below the signal line, indicating a bearish crossover.
Ethereum price analysis 4-hour chart: ETH action is expected to remain bearish
The 4-hour Ethereum price analysis shows that the price has been travelling low for the past few hours as the bears have gained the dominant position on the price chart. The price has been lowered to $1,850 today as the bearish momentum has been intensifying. The last four hours thus proved unfavourable for the cryptocurrency once again, as more selling activity has been detected.
The moving average indicator on the 4-hour chart has also dropped to $1,865 and is trending downward, while the RSI indicator is currently at 31.70, which is still in oversold territory. However, if bears continue to dominate the market, then the RSI will move further decline. The MACD indicator is also in a bearish crossover as the histogram is trending downward with red bars.
Ethereum price analysis conclusion
Overall, short-term bearish sentiment dominates the Ethereum market, and prices are likely to remain under pressure in the coming hours. The support at $1,842 could be the key level to watch for any potential upside, and a break below this level could push ETH coin prices toward lower levels. The technical indicators are currently signalling bearishness in the market, but there is still room for recovery if buyers manage to hold on to the support level.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve.
