Ethereum price action over the last 24 hours shows a tight trading range, after opening the daily trading session at $1,643. ETH/USD has been trading in a sideways direction, as buyers and sellers battle for control. Ethereum price dropped to an intraday low of $1,615 before bouncing back up to the current level. A few hours ago, the bulls managed to push the price above $1,650 and a higher high of $1,655 was established, but the bulls were unable to sustain their gains as ETH/USD pulled back below $1,650.
The downtrend in ETH/USD is being driven by strong selling pressure from the bears. The price has so far broken below the $1,615 support level and appears to be heading toward the next support at $1,600. On the other side of the spectrum, there isn’t much resistance to be seen until $1,665. The $1,655 resistance is likely to be tested if the bulls can manage to push the price above $1,660.
Ethereum price analysis 1-day chart: Downtrend is likely to remain intact
Looking at the 1-day chart, Ethereum price action has formed a descending triangle pattern. The triangle is bearish in nature and suggests that ETH/USD could continue to move lower if the current support breaks down. The ETH/USD is trading in a range of $1,615 – $1,655 and if the bears can break either support and resistance levels, we may see a further decline in Ethereum price. The trading volume for ETH/USD is also declining, which indicates a lack of demand for Ethereum. The market cap for Ethereum is currently at $198 billion and the 24-hour trading volume is $7.78 billion.
The technical indicators on the daily chart suggest that ETH is in a neutral stance. The MACD line is flat, while the RSI indicator is also at 61.01, implying a lack of momentum in either direction. The Relative Strength Index indicator is residing at 60 levels, suggesting the market could move in either direction over the coming days. The moving average (MA) is still trending down at $1,639, which signals that the downtrend is likely to remain intact in the near term.
Ethereum price analysis 4-hour chart: Support at $1,615 may be tested
Turning to the 4-hour chart, Ethereum price action has formed a bearish flag pattern. The bearish setup signals that a downtrend is likely and the support at $1,615 may be tested in the near term. The downtrend is continuing as the price of more sellers enters the market. Bulls need to break above the $1,655 resistance level to negate this bearish setup.
The MACD line is still below the signal line, indicating that selling pressure may remain in control over the next few hours. The RSI indicator is also trending lower and currently resides at 49.02 levels. This suggests that the selling pressure could continue and the Ethereum price might revisit the $1,615 level. The moving average indicator is also trending lower and is signaling more bearishness in the market.
Ethereum price analysis conclusion
Ethereum price action has formed a bearish flag pattern, suggesting that the downtrend could continue. The ETH/USD pair is currently trading at $1,622 and if the bears manage to break the $1,615 support level, we could see further downside movement in the Ethereum price. The technical indicators are also showing bearishness in the market as all of them are trending lower.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve