- Ethereum price analysis suggests drop to $2,500
- The closest support level lies $2800
- ETH faces resistance at the $3000 mark
The Ethereum price analysis shows that the bears dominate the asset’s price action as ETH observes a downwards breakout from the consolidation channel. However, despite observing a 7.5 percent drop, the bearish pressure has not declined but shows further downwards movement for the price action.
The broader cryptocurrency market observes a bearish market sentiment over the last 24-hours as most major cryptocurrencies record negative price movements. Major players include Elrond and EOS recording a 6.89 and a 6.42 percent decline respectively.
Ethereum price analysis: Bears dominate the market
Across the technical indicators, the MACD is currently bearish as exhibited by the red histogram showing seller dominance at press time. The indicator observed a bearish crossover four days ago and has remained red since. In the last 24-hours, the bearish momentum shows signs of declining as ETH found support at the $3,000 mark, however, as the support crumbled, the momentum has increased again.
The EMAs are currently moving downwards showing strong selling activity in the markets. The 12-EMA is currently moving with a steeper slope suggesting further divergence from the 26-EMA.
The RSI has remained neutral for the last ten days since briefly dipping to the overbought region on September 7. However, yesterday the indicator dived into the oversold region below the 30.00 index unit marks. Furthermore, the indicator continues moving downwards showing strong bearish momentum at press time. However, the RSI issues a buy signal showing support to the bulls across the charts.
The Bollinger Bands were narrow until yesterday when they showed strong divergence suggesting a spike in ETH volatility. Currently, the price is trading outside the bands suggesting further expansion in the downwards direction suggesting cotninued high volatility for the Ethereum price across the short-term charts.
Technical analysis for ETH/USDT
Overall, the 4-hour Ethereum price analysis issues a sell signal with 15 of the 26 major technical indicators suggesting a downwards movement for ETH across the timeframe. On the other hand, only one of the indicators issues support for the bulls suggesting little to no buyer activity in the markets. At the same time, ten indicators remain neutral and do not issue support for either side of the market.
The 24-hour Ethereum price analysis shares this sentiment and shows 15 indicators suggesting support for the bears against only two indicators suggesting an upwards movement. Meanwhile, the remaining nine indicators sit on the fence and do not issue any signals at press time. The analyses’ negative sentiment suggests that ETH may observe a downwards breakout from the channel.
What to expect from the Ethereum price analysis?
The Ethereum price analysis suggests further downwards movement for the asset as the bearish pressure shows no signs of fading. The closest support level lies at $2800 but the strong selling activity and the negative technical analyses suggest a drop to the $2,500 mark.
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