- Ethereum price expected to fall back to $1800
- ETH faces resistance at the $1900 mark
- The closest support level lies at $1800
Ethereum price opened today at $1882.70 with a slightly bearish sentiment as the price fell towards the $1800 mark. The price action found support at the $1811 mark and has recovered to the $1855 mark where it currently trades.
The broader cryptocurrency market observes a bullish market sentiment across the last 24 hours as most major cryptocurrencies recorded positive price actions over the day. Notable market players include ICP and SOL that report a rise of 24 and 12 percent, respectively.
Technical indicators for ETH/USDT
Across the technical indicators, the MACD shows a growing bullish momentum as represented in the enlarging green histogram. The MACD crossed over to the bullish region yesterday and has shown an increasing bullish presence since then. The 12-EMA is above the 26-EMA, but both of the EMA are rising at the same gradient showing little activity across the short-term charts.
The RSI is currently trading in the neutral region and hovers close to the 50.00 mark. The RSI has remained neutral across the last ten days, showing a lack of momentum towards either side. However, the indicator has been trading close to the bottom of the neutral zone suggesting a bearish pressure on the Ethereum price.
The Bollinger Bands are currently wide but do not show further expansion suggesting a lack of momentum. While the Ethereum price rose to the indicator’s mean line, it failed to climb above, enabling the bears to push further downwards. Currently, the indicator’s limits are trading horizontally, suggesting a divided market sentiment.
Overall, the 4-hour technical analysis issues a sell signal, with 13 of the 26 major technical indicators show support for the bears. On the other hand, only four indicators issue buy signals suggesting a weak bullish presence at the current price level. Meanwhile, nine indicators sit on the fence, issuing no signals at the time of writing.
The 24-hour technical analysis accentuates the bearish sentiment as 14 indicators suggest a downwards price movement against four, suggesting a positive price action. At the same time, eight indicators do not support either side of the market. Overall, the two technical indicators suggest further downwards movement for the Ethereum price as the market continues observing high selling pressure from the investors.
What to expect from Ethereum price?
Traders should expect the Ethereum price to fall back to the $1800 mark as the price action shows limited potential for upwards movement. Ethereum price faces strong resistance at the $1900 mark. Furthermore, the four and 24-hour technical analyses are bearish, suggesting further downwards movement for the price action.
Conversely, if the price manages to break above the $1900 mark, Ethereum may rise to the $2000 mark. However, due to the lack of bullish momentum, a breakthrough above the level is unlikely and the price would likely fall again.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.