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Ethereum price analysis: ETH fighting bears seeking to pull down below $3,200

Ethereum price analysis ETH fighting bears seeking pull down below

TL;DR Breakdown

  • Ethereum price analysis reveals a struggle between bulls and bears.
  • Bears are looking to pull ETH’s price below $3,200.
  • Strong support is currently found at the $3,160 mark.
  • Strong resistance is currently found at the $3,220 mark.

Ethereum price analysis reveals that the queen of cryptocurrency is stuck in a struggle between bullish and bearish trends seeking to gain control of the momentum. There is little help from Bitcoin since the king of cryptocurrency is also resting after a bullish streak, and the queen is on her own at the moment. During the past 24-hours, Ethereum price fell over 2.0 percent and over 1.59 percent during the past seven days. At the time of writing, ETH is trading hands for $3,219. Ethereum is struggling through the bearish and bullish trends while showing a healthy correction at the time of writing.

ETH/USD 1-day candlestick analysis reveals bearish crossover

The one-day candlestick Ethereum price analysis chart reveals a bearish crossover between the current price and the nine-day moving average (SMA 9), marking a bearish signal while the remaining indicators are largely bullish. The SMA-9 is present at the $3,224 mark where the bearish crossover is happening, while the current price is below that at the $3,213 mark.

Ethereum price analysis: ETH fighting bears seeking to pull down below $3,200 1
ETH/USD 1-day candlestick price chart. Source: Trading View

The upper Bollinger band is present as the strongest resistance at the $3,387 mark. On the other hand, the lower Bollinger band found at the $3,012 mark, and the Bollinger bands’ average is found at the $3199 mark are both serving as strong support points at the time of writing. The relative strength index score, on the other hand, shows that the queen of cryptocurrency is moving through neutral zones providing ample opportunity for the bulls to take shape with extensive buying methods.

Ethereum price analysis: 4-hour chart reveals bullish momentum brewing

The four-hour candlestick Ethereum price analysis chart reveals that the bulls are leading the trend, with bears trying to regain control of the cryptocurrency after a flashy drop below $3,200. The upper Bollinger band price is standing at the $3,303 mark showing the strongest resistance level at the time of writing. The nine-day simple moving average (SMA 9) stands right below the price point at the $3,212 mark. The Bollinger bands’ average is found right below the SMA at $3,204, serving as the next support point.

Ethereum price analysis: ETH fighting bears seeking to pull down below $3,200 2
ETH/USD 4-hour candlestick price chart. Source: Trading View

The lowest support point marked by the lower Bollinger band is found at the $3,106 mark. The chart further reveals that the volatility is decreasing at the time of writing, with bullish green candles marking the chart. The RSI index score is also found at the 51.69 mark, making it very feasible for bulls to regain control of the momentum for the queen of cryptocurrency.

Ethereum price analysis conclusion

Ethereum price analysis reveals a bearish crossover on the one-day chart and a brewing bullish momentum on the four-hour chart marking the struggle between bulls and bears at the time of writing. If the current support levels persist, the queen of cryptocurrency is likely to get past the $3,200 mark after a while.

If the support fails, the ETH price can fall below the $3,100 psychological barrier; however, the likeliness of such an event seems to be very difficult at the moment. Bulls have ample opportunity to regain control and take the price higher.

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. 

Andrew

Andrew

Andrew is a journalist and cryptocurrency enthusiast who writes for the love of blockchain and cryptocurrency. He possesses vast knowledge of cryptocurrency, blockchain and other fintech and tech-related areas he has been covering for a long time.

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