Ethereum price analysis: ETH shows a downtrend at $1,583 after bearish pressure

Ethereum price analysis

TL;DR Breakdown

  • Ethereum price analysis downgraded up to $1,583 due to bearish pressure.
  • ETH/USD shows a downtrend with support present at $1,565
  • Rejection for the coin is seen around the $1,613 level

Ethereum price analysis shows a relatively bearish trend as the sellers ruled the market during the day. The coin value has been reduced up to a $1,583 low, and further devaluation is quite evident in the next few days. The selling momentum is rapidly increasing, which is a negative sign for cryptocurrency. If the current trend resumes, chances of further drop are to be expected in the future.

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Cryptocurrencies price heat map, Source: Coin 360

The technical analysis of Ethereum shows that the bulls are trying to hold the support at the $1,565 level but the pressure from sellers is getting stronger which might take the ETH price below this mark.

Most of the cryptocurrencies are in the red zone due to the recent bearish pressures. Ethereum, being one of the leading coins, is also experiencing a slight drop in price. The price for ETH/USD pair was $1,613 yesterday, and it is now trading around the $1,583 area.

Ethereum price analysis 1-day chart: Bearish swing lowers the price to $1,584 boundary

The daily Ethereum price analysis shows a decreasing trend for the market today, as the bears have been at the leading position. The price took a downturn a few days ago, and currently, the circumstances are going in favor of the sellers. The coin value has receded past $1,584 due to the latest bearish strike. The ETH  is down by over 1.21% in the last 24 hours as bearish pressure continues to rule the market. A further degree of decline is to follow soon if more selling activity occurs.

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ETH/USD 4-hour price chart: TradingView

The moving average (MA) value for the one-day ETH/USD price chart is $1,603 which is just above the current market rate. The 50-day moving average (MA) is $1,576 which is significantly above the current market rate. This may imply that the bearish trend might be losing its strength as the coin seems to have reached a solid base, while the 200-day moving average (MA) is $1,596.

The relative strength index (RSI) value for the ETH/USD pair is at 74.70 and may cross 80 soon if buying activity strengthens. If the RSI continues to increase, chances of a bullish swing are high in the upcoming days. The moving average convergence divergence (MACD) line is below the signal line and may switch to the bullish side if buyers increase their activity in the market.

Ethereum  price analysis: ETH/USD value steps down to $1,583 as bearish  pressure increases

Ethereum price analysis shows that the ETH/USD pair is currently trading around $1,583, with the bearish trend still intact in the market. The coin has experienced significant sell-off pressure since yesterday and may remain under downward pressure in the upcoming days if buyers do not increase their participation. The bulls were in the market the previous day and were trying to maintain the $1,613 level, but further selling pressure has pushed the ETH/USD pair down. Rejection for the coin is seen around the $1,613 level and a further degree of decline may be expected if sellers remain active in the market.

image 584
ETH/USD 4-hour price chart: TradingView

The current price is below both 50-day and 200-day moving averages (MA) and may remain bearish if buyers do not increase their participation. The moving average (MA) value for the hourly ETH/USD price chart is $1,587 which is just above the current market rate. The MACD is on the bearish side and shows a continuous decrease in the market trend.

Ethereum price analysis conclusion

Ethereum price analysis concludes that the coin value is decreasing due to bearish pressure and if the current trend continues, further decline is to be expected in the near future. The technical indicators are pointing toward a bearish market with bearish pressure dominating the market. If buyers do not increase their participation, the ETH price may go below the $1,565 level soon. Overall, bearish pressure seems to be strong in the market and a further decrease can be expected if sellers are active in the market.

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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