Ethereum price analysis: ETH forms a red candlestick at $1,647 as bearish pressure builds

Ethereum price analysis

TL;DR Breakdown

  • Ethereum price analysis shows a bearish pattern forming on the chart.
  • ETH has been declining steadily and is currently trading at $1,647
  • Support for ETH is currently at the $1,643 mark

Ethereum price analysis shows the price function is facing bearish resistance once again after the bearish trend returns to the market. The price has receded back to the $1,647 level during the last 4 hours, and it is expected that it will go through a further decline in the coming hours. There have been constant changes in trends as ups and downs can be seen in the price movements over the past days, with the balance of power favoring the bearish side, and today the bears are again in the leading position. The chances are getting dim for the bulls to find recovery today, and the coin may soon dip into the $1,643 range.

image 146
Cryptocurrency price heatmap, Source: Coin360

The bullish sentiment was seen in the market a few hours before when it surged ahead and went above the $1,680 mark, but now that resistance is preventing further upward movement and the bears are taking control. However, the bears may also reach an exhaustion point and a new wave of bullish sentiment may follow in the coming days.

Ethereum price analysis 1-day price chart: The chart shows ETH trading in a bearish descending channel

The one-day Ethereum price analysis chart shows a bearish descending channel, with the price moving within the boundaries of $1,647 and $1,677. This indicates that ETH is in a state of consolidation and is preparing for further downside movement. The range between these two levels will probably determine which direction it will take next. Despite bearish pressure, the coin still has some potential to surge ahead, and traders should be alert for any signs of bullish momentum. The 24-hour volume of the coin has been relatively moderate and is now at $8,092,215,487. On the other hand, the market capitalization is at $200,930,019,959.

image 144
ETH/USD 1-day price chart: TradingView

Looking at the technical indicators, the MACD is still in the bearish zone as the signal line (orange line) is currently above the MACD line (blue line). The Relative Strength Index (RSI) is also in bearish territory and stands at 61.99, indicating that the coin is currently facing downward pressure. The moving average indicator (MA) in the one-day price chart shows its value at $1,640, which is above the current price, but it may soon cross below the SMA 50, which will be a bearish indication.

Ethereum price analysis 4-hour chart: ETH/USD is trading below $1,647

The 4-hour price chart for Ethereum price analysis shows that the trend is still bearish as the prices have been on a downtrend for the last 4-hour session. The coin is currently trading at $1,647 and is down by 0.79% in the last 4 hours. The MACD indicator is in the bearish zone as the histogram is in red, and the signal line (orange line) is currently below the MACD (blue line).

image 143
ETH/USD 4-hour price chart: TradingView

The moving average is trading at a $1,644 position in the 4-hour chart. The SMA 50 curve is trading above SMA 20, confirming a major bearish pressure on the cryptocurrency. The Relative Strength Index (RSI) score is in the lower neutral range at an index of 51.96, which is still a good score, but the slight downward curve of the indicator hints at the selling activity in the market.

Ethereum price analysis conclusion

To sum up, the prices of Ethereum price analysis have been on a downtrend and are currently facing bearish pressure. The selling activity is still strong and the prices may continue to remain in a bearish zone for some more time. The downtrend is likely to continue until the bulls gain control of the market and start pushing the prices higher. Nevertheless, traders should remain alert for any signs of buying activity as it can provide some relief from the current bearish trend.

While waiting for Ethereum to move further, see our Price Predictions on XDCCardano, and Curve

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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