Ethereum price analysis reveals the price function is oscillating in the $1,245 to 1,249 range and is unable to break above the resistance present at the $1,264 mark. Bears had already rejected the upside at $1,264 when the bulls tried to overcome the resistance level. However, the bears quickly took control and pushed ETH below the support level of $1,245.
The market for ETH opened today at a low of $1,250, however, the bullish came thumping in and pushed the price higher to a high of $1,264. The bulls were unable to maintain their momentum and quickly lost control allowing the bears to take over and push the price down to a low of $1,245.
ETH/USD 1-day price chart: Bears overtake after the bullish opening
The 24-hour Ethereum price analysis shows the price is still on the red side, as a slight decrease in ETH/USD value is indicated by the red candlestick still present on the 1-day chart. The Bearish momentum was just too strong and the bulls were unable to gain back control. The current outlook for ETH remains bearish as the bears seem to be in full control of the market. On the other hand, Ethereum is also facing some stiff resistance from the $1,264 level. The bulls were only able to push the ETH/USD pair to a high of $1,264 before the bears came in and pushed the price lower.
The support levels for Ethereum are currently seen at $1,245. If the bulls manage to break the resistance at $1,264, ETH/USD could be seen heading toward a high of $1,280. However, if the bears manage to retake control of the market, ETH/USD could be seen dropping toward a low of $1,233.
The moving average (MA) value is still standing at $1,212 below the current price. The Bollinger bands have also narrowed, indicating a tight range for Ethereum. The upper and lower bands are seen at $1,250 and $1,169 respectively. The Relative Strength Index (RSI) value is currently standing at 47.62 which indicates that the market is still in the bearish zone.
Ethereum price analysis on an hourly chart: bearish trend line forms with resistance at around $1,264
Looking at the hourly Ethereum price analysis, we can see that a bearish trend line has formed with resistance at around $1,264. The bears have managed to push ETH/USD lower and the pair is currently trading below the trend line. The current outlook for Ethereum remains bearish and if the bears manage to maintain control, ETH/USD could be seen dropping downward. The buyers need to break the bearish trend line in order for the bulls to gain back control of the market.
The Moving averages on the 4-hour chart are still standing at $1,252. The 50-day and 200-day moving averages have crossed each other, indicating that the sellers are still in control of the market. The Relative Strength Index is at 70.21 and is close to the oversold zone, which indicates that the prices are likely to see a bounce back in the near future. The Bollinger bands are also close to each other, which indicates that the market is consolidating and a breakout is likely to happen soon.
Ethereum price analysis conclusion
In conclusion, Ethereum price analysis shows that the market has followed a downward trend for the day. The price has decreased to an extent and is now touching the $1,249 mark. On the other hand, a drop in ETH/USD price was detected in the last few hours as well, which means that the approaching hours might bring loss. However, if the market sentiment changes, then a reversal in trend can also be expected as the loss is on the lower side up till now.