Ethereum price analysis is going bearish for the day, as the bears have succeeded in creating a way to strike back after a slight bullish price action. The Bearish momentum has been considerable enough to lower the price levels to the value of $1,263.
The past few hours had been exceedingly successful for the bears, as the downtrend is huge and cast negative results on the overall value of cryptocurrency. Yet, the most recent progress is going in favor of the bears, as observed from the price charts. The next support for ETH/USD price function is present at $1,260, where traders can hope for the price to bounce upwards if the support persists.
The 24-hour trading volume has also been below average, which is a direct indication of the increased bearish sentiment. The current market capitalization of Ethereum is $154 billion, and its trading volume for the day is more than $2.52 billion.
ETH/USD 1-day price chart: Ethereum is on the way to retesting the $1,260 support
The 1-day Ethereum price analysis chart is detecting a sudden drop in the price today, as the price levels have almost reached $1,263. The past days have been unpredictable for the cryptocurrency, as there has been bearish control over the charts for most of the time. However, the bullish behavior was seen today before, which allowed the price to breach the $1,265 resistance level, But the bears have gained control over the market and are now pushing the price back down.
The Moving Average (MA) value, i.e., $1,236, has also been crossed by today’s price value after sinking below. The Relative Strength Index (RSI) value is at 49.98, which is below the midpoint level of 50 and indicates a bearish trend in the market. The MACD indicator has also crossed below the signal line, which is another indication of bearish momentum. The current market trend is bearish and traders should be cautious while dealing with the ETH/USD pair.
Ethereum price analysis 4-hour chart: Bulls need to work hard to make a comeback
The 4-hour Ethereum price analysis is supportive for the bears as well, as the price has downgraded to $1,263 according to the latest update. Currently, the ETH/USD had decreased by 0.23%, which is a major setback for the bulls. The resistance point is present at $1,265, and if the bears manage to breach it by any chance, it will be a huge success for them. The support point is at $1,260, which needs to be monitored closely in order to prevent any further losses.
The RSI value has dropped to 64.00 after a gradual decline over the past few hours. The MACD indicator is also in the bearish zone, which supports the downward trend of ETH/USD. The moving average is quite stable and is standing at $1,264, which is slightly above the current price value. All in all, it is evident that the bulls need to work hard to make a comeback in the market.
Ethereum price analysis conclusion
Ethereum price analysis confirms that the most recent trend has been bearish, which has resulted in a price decrease. The price has lowered up to $1,263, which is a very low value if compared to its position in the last trading session. Yet, the support level at $1,260 seems strong, and there is little possibility that the price will go lower than the support.
While waiting for Ethereum to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.
