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Ethereum price analysis: ETH decreased from $1,272 as bearish forces become stronger

Ethereum Price analysis

TL;DR Breakdown

  • Ethereum price analysis is going bearish for today
  • The cryptocurrency has decreased by the $1,230 mark
  • Support for ETH is present at the $1,224 level

Ethereum price analysis shows that the cryptocurrency has undergone a loss once again. After the bullish price function of yesterday, the bearish pressure has returned, and bears have taken the lead again. The bears have caused a decrease in the price up to $1,230 and have been able to retain their position as the leading party. The high selling activity is causing the price to downgrade further and has defeated the buyers in their attempt at revival. The overall cryptocurrency market is under bearish pressure as most coins are reporting losses today.

However, ETH has strong support at the $1,224 level, which may be called upon in the near future. Resistance positions are still present at $1,272 which was the high level for yesterday. The 24 market cap for ETH is currently at $150 billion, and the trading volume of ETH is currently at $6.141 billion.

Ethereum price analysis 1-day price chart: ETH price levels continue sinking

The 1-day price chart for Ethereum price analysis shows that a drop in the ETH price value has taken place today. There have been some bullish efforts in the past week as well, as there are some green candlesticks visible as well. However, the current trend is bearish and the bears are dominating having lost over 1.71 % today. ETH is currently trading at $1,214 and bears are trying to attain a further downside in the coming days. The Moving Average (MA) is standing above the current price as well, which is at the $1,262 level.

image 138
ETH/USD 4-hour chart. Source: TradingView

Across the technical indicators, the MACD shows a declining bullish momentum. While the histogram is still in a red zone, there may be an increase in bullish momentum in the near future. If this does not happen, ETH is likely to further decrease in price levels and potential support zones are present at $1,192 and $1,128. Additionally, the RSI is currently trading in the neutral zone a little above the 45.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past few days. At press time the RSI has again had a small spike towards the oversold region suggesting an increasing bearish presence at the current price level.

Ethereum price analysis: Bearish Trend prevailing amid limiting volatility

The 4-hour Ethereum price analysis shows that the price function is headed down once again as the price levels are continuously sinking. The bears are pulling down the price levels, and currently, they have reached the $1,272 level as ETH/USD still looks for support. The moving average is still trading above the current price level at $0.147 because of the bullish efforts that followed yesterday. The short-term trending line is steeply downwards, which is a major bearish signal.

image 139
ETH/USD 4-hour chart. Source: TradingView

Additionally, the relative strength index (RSI) is also staying below the 50.00 level and suggests that ETH/USD could be headed for a further price decrease in the near future. The RSI has already crossed over into the oversold zone and indicates that there is increasing bearish pressure at current market prices. However, we may see support building up around the $1,264 level in the coming days. The MACD line is below the signal line, and this also indicates that there could be an increase in selling activity.

Ethereum price analysis conclusion

Overall, the current market conditions indicate that Ethereum price analysis levels are likely to continue sinking in the near future. However, we may see some bullish efforts as well, so it will be best to stay on top of any changing market dynamics and make the best investment choices.  ETH is still looking for the support, which is present further below at $1,224, where bulls must hold onto, to stop further damage.

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.

Ann Mugoiri

Ann Mugoiri

Ann likes to write about crypto and blockchain technology. She has been following the development of these technologies for a few years and believes that they have the potential to disrupt many industries.She has specialized in technical analysis to help cryptocurrency traders make more informed decisions.

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