Ethereum price analysis: ETH lost $100 value in bearish streak

Ethereum price analysis ETH losses value in bearish streak

TL;DR Breakdown

  • Ethereum price analysis reveals over $100 lost in value during a bearish streak.
  • Current support is found at the $3,216 mark.
  • Current resistance is found at the $3,250 mark.

Ethereum price analysis reveals that following the king Bitcoin into a bearish streak, the queen of cryptocurrency lost over $100 in value right after midnight in universal standard time. With the bearish streak, the Ethereum price recovered quickly to mark positive gains of 0.02 percent at the time of writing. However, Ethereum price is down by 2.17 percent in the past seven days. The queen of cryptocurrency has suffered a comparatively lighter blow than the king of cryptocurrency that lost over $1,800 in value.

ETH/USD 1-day candlestick chart shows normal movements

Although the king Bitcoin is showing bearish crossover bleeding red, the Ethereum price analysis one-day candlestick chart shows normal trading and price action at the time of writing. The upper Bollinger band is found at the $3,390 mark posing as the strongest resistance on the one-day chart. The nine-day moving average is posing as the second resistance point with a value of $3,222.

Ethereum price analysis: ETH lost $100 value in bearish streak 1
ETH/USD price 1-day candlestick chart. Source: Trading View

At the time of writing, Ethereum’s price is fluctuating between $3,210 and $3,215 marks. The Bollinger bands’ average is posing as a strong support point at the $3,203 mark. Whereas the lower Bollinger band is providing the support at the $3,015 mark. The relative strength index (RSI) is found at the 56.63 mark.

Ethereum price analysis: 4-hour chart shows bearish tendencies

Ethereum is coming out of a bearish streak at the time of writing, so it is perfectly normal that the four-hour Ethereum price analysis candlesticks’ chart is showing some bearish tendencies for the queen of cryptocurrency. The upper Bollinger band is present at the $3,300 mark providing the strongest resistance mark. The Bollinger bands’ average and the nine-day moving average are also serving as the strong resistance marks on the four-hour chart showing more bearish crossovers than the one-day chart.

Ethereum price analysis: ETH lost $100 value in bearish streak 2
ETH/USD price 4-hour candlestick chart. Source: Trading View

The Bollinger bands’ average is found at the $3,222 mark, while the SMA 9 is found at the $3,220 mark. The lower Bollinger band is showing the strong support point found at the $3,144 mark, while the overall volatility is increasing compared to the past day. The RSI score is found at the 49.71 score, marking the neutrality of the index.

Ethereum price analysis conclusion

Ethereum price is moving quite independently even after following the king Bitcoin into a bearish streak. Being the pioneer cryptocurrency, a bearish Bitcoin streak often disturbs the market, and that’s no secret. At the time of writing, Ethereum is holding strong support, and if the support persists, the queen of cryptocurrency is likely to take another jab at the $3,250 and above.

On the other hand, if the current support falters, the queen is likely to fall down to the $3,100 range of below. For now, the queen is playing strong against the bearish momentum lurking in the shadows to take over the market price action.

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. 

Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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