Ethereum price analysis: ETH spikes lower again, bearish momentum peaks at $1,214

Ethereum Price analysis

TL;DR Breakdown

  • Bears have plunged the ETH price down once again
  • Support for ETH is present at $1,206
  • Ethereum price analysis faces rejection at $1,224

Ethereum price analysis shows a bearish trend for today. The bears have taken over the price charts once again and have brought down the price from $1,224 to the $1,214 level; as the broader market is bearish, so is ETH. Selling pressure came in during the last hours of the previous trading session, which turned the entire trend bearish yesterday and is on the go till now. Though the price has been in the upper price channel as recently, however, ETH observed a new record high, but the coin is under a strong correction, and the loss is significant, further degradation of price is also expected in the hours.

The Cryptocurrency has lost its bullish momentum and is now down by more than 0.39%. In the recent few hours, ETH has been trading between $1,206 and $1,224; however, for any upside rally to happen, the coin has to break out of this price range.

ETH/USD 1-day price chart: Bulls stand helpless as bears dominate

The 1-day price chart for Ethereum price analysis shows the price levels have sunk tremendously today as the price breakout was downwards today, and the price continues to go down. The ETHUSD pair is trading hands at 1,214 at the time of writing. As the coin is one downfall, the crypto pair is also showing a loss of 9.49 percent over the past week, as for the last seven days, bears ruled the market, and a bullish lead was observed for only one day. The trading volume has decreased by 33.115 percent over the last 24 hours, providing a market dominance of 11.68 percent.

image 427
ETH/USD 1-day price chart: TradingView

The MACD indicator has crossed the signal line in the bearish area and is showing a strong bearish trend. The MACD line is at 0.0038, and the signal line is at 0.0191, observed a bearish crossover earlier today. The RSI indicator is also at 48.07, now heading downwards, showing an oversold market. The moving average is currently at 1,225 just above the current price level.

Ethereum price analysis: Recent updates

The 4-hour price chart for Ethereum price analysis shows a continuous degradation of price, and no considerable bullish effort has been observed today, even though bulls intervened in between and tried to elevate the price levels for a few hours, but they were soon outplayed by bears. The price is going down again and has been seen decreasing in the last four hours as well.

image 426
ETH/USD 4-hour price chart: TradingView

The MACD indicator on the 4-hour chart is also showing a bearish crossover as the histogram narrows down and the signal line is below the MACD line. The relative strength index (RSI) has entered the undersold zone recently, and its curve is downwards as of now as it is showing a score of 48.21. The RSI curve indicates the high selling activity in the market and the great bearish pressure that has engulfed the price action. The moving average indicator is also showing bearish signals, and a death cross is likely to be formed in the near future.

Ethereum price analysis conclusion

Overall, Ethereum price analysis has been trading in a bearish trend in the past week, and today’s price action is also following the downward move. The market is likely to remain bearish in the near term, and if the bulls try to intervene and take control of the market, we can expect a bullish momentum for some time.

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.

Related News

Hot Stories

Polkadot price analysis: DOT finds support at $6.400, bulls to retest the $6.800 mark
Court documents reveal extensive creditor list of FTX, and why are we surprised?
Aave community votes for the deployment of V3 on Ethereum
Mango Labs goes after Avraham Eisenberg for $47M
Uniswap price analysis: UNI value upgrades to $6.56 as bulls take control

Follow Us

Industry News

Court documents reveal extensive creditor list of FTX, and why are we surprised?
Mango Labs goes after Avraham Eisenberg for $47M
Just in: Dutch central bank slaps Coinbase with €3.3m fine
'Bitcoin Jesus' refuses to pay the $12m he owes Genesis
Is Malawi gaining from Bitcoin mining?

Add Your Heading Text Here