Ethereum price analysis is bearish for today as the ETH price has fallen to the $1,332 level. The bears have taken control of the market, and ETH is trading in a sideways range. The bullish movement that was seen the previous day has been reversed and ETH is now trading in the red.
The Ethereum price analysis shows that there is resistance at the $1,342 level, which has been tested several times in the past few days. This suggests that the bearish pressure is strong enough to push ETH back down into the $1,317 support level. ETH/USD pair suggests that there is a risk of further losses if the bears remain in control. The $1,317 support level will be crucial for ETH to hold and start a new bullish trend. Otherwise, the bears could push ETH lower and potentially test the $1,300 level.
Ethereum price analysis 1-day price chart: ETH continues downside
The 1-day Ethereum price analysis shows a bearish price action, and a further decrease in price is expected in the coming hours as the market is showing negative sentiment. The price has come down to $1,332, as the coin has lost a hefty 0.62 percent value at the time of writing. The trading volume has decreased significantly and is at $5.810 while also the market capitalization has dropped to $163 billion.
The MACD has also turned bearish and is below the signal line, which suggests that ETH could experience further losses in the coming days. The RSI is also in the bearish zone and is above level 50, which indicates that the sellers are in control of the market. The moving average (MA) is at the $1,268 mark, which suggests that the bulls will need to push ETH above this level for a bullish trend to start.
Ethereum price analysis: Recent developments and further technical indications
The 4-hour Ethereum price analysis shows the coin price function has been under stress for the last 24 hours as bears regained the lead. The price breakout was also downwards at the start of today’s trading session, and the red candlesticks indicate bearish progress. The moving average (MA) is trading at $1,327, far below the current price level.
Looking at MACD on the hourly chart, it appears that the bearish pressure is still strong and the MACD line is below the signal line. This indicates that more losses are likely in the coming hours. The relative strength index (RSI) has also declined as it is trading on a downward curve at index 73.68, which indicates that the market is still bearish.
Ethereum price analysis conclusion
The Ethereum price analysis is bearish for today. The ETH/USD is correcting today after falling yesterday as well. We expect ETH to continue correcting for the coming hours as the support is still further below $1,317. Chances for a trend change are almost nonexistent today as most of the technical indicators for the cryptocurrency are in favor of selling assets.
While waiting for Ethereum to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.