- Ethereum price analysis is bearish for today, which is not a surprise for investors.
- The nearest support for the ETH price rests at $3900
- On the other hand, the nearest resistance for ETH rests at $4300
Ethereum price analysis shows that the world’s second-biggest cryptocurrency is currently on the road to dethrone Bitcoin and lead the cryptocurrency market. As per the current data, ETH is 17.85% from its all-time high, while Bitcoin is nearly 30% from its all-time high.
The data from CoinMarketCap suggests that the world’s second-biggest cryptocurrency fell by 3.31% in terms of market cap, followed by 3.04% in terms of price in the last 24 hours.
The daily candle for the day shows that Ethereum opened the day at $4105, went as high as $4231, finally dropping to the daily low of $3929. The current ETH price rests at $3990, as bulls try to push Ethereum above the $4000 price level.
Ethereum price analysis via patterns
Ethereum price analysis exhibits that the token broke from its ascending channel recently, and as a result, prices turned bearish. However, the $3990 level currently acts as a support for Ethereum as a sideways movement has set it. This level has been tested quite a number of times in recent days. In order to turn bullish, ETH will need to break from this sideways trend.
Ethereum price analysis via indicators
The price action rests in the lower end of the Bollinger Bands, and if the support at $3990 fails, the ETH price might break out from the lower end, leading to a price crash. Moreover, the RSI levels show that the token was about to enter the oversold zone. However, the current gradient of the RSI line is positive, hinting that higher prices are definitely possible.
Finally, the MACD indicator shows that the signal line remains dominant as the MACD line has been unable to break above the former. The bearish MACD histogram is a direct result of the same. Meanwhile, volumes are not enough for the token to turn bullish and break out from the sideways trend.
The Ethereum price analysis for today can be concluded on a bearish note, and if these conditions prevail, we can see the token fall further. However, it can also be expected that the current support might hold, as a result of which, the bulls might again try to break the resistance at $4300. Furthermore, the technical setups for the token remain contradictory, as covered by CryptoPolitan in a recent technical report.