Ethereum price analysis is trading in negative territory after the bearish divergence early today. The ETH/USD is trading below the 1,600 level and faces strong selling pressure as investors are becoming increasingly bearish on the cryptocurrency. The ETH/USD pair is currently trading at $1,561 and has seen a massive 5 percent drop in price over the past day. This morning, Ethereum’s bearish divergence began to take shape as it reached a low of $1,553 before climbing back up slightly to the current price point.
The price of Ethereum (ETH) has dropped substantially in the last hours after it breached a support trendline. Prior to last week, buyers controlled ETH’s directional trend above an ascending trendline, but a recent fall could spell disaster for investors. Trading volume for Ethereum has also been reduced in the last 24 hours to around $9 billion, while the market cap has dropped to just over $191 billion, according to CoinMarketCap.
Ethereum price analysis 1-day price: ETH corrects to $1,580 as the downtrend continues
The one-day Ethereum price analysis shows ETH trading at the $1,580 mark, with a loss of nearly five percent in the last 24 hours. The current crypto bear market has pushed Ethereum’s price lower, and the overall sentiment from investors remains bearish. Ethereum is currently trading below the 1,600 level, and if it fails to climb above this level, we could see further losses for ETH/USD. On the upside, investors should keep an eye on the 1,652 resistance level, as any breach above this could potentially signal a bullish reversal.
The RSI indicator is recovering from the oversold zone on the daily chart, but there’s still a long way to go before the bullish case is confirmed. The MACD remains bearish and is trending lower, hinting at more downside in the near term. The blue line is also trading below the red line, confirming the bearish pressure Ethereum is currently facing. The moving average is also trending lower, indicating a continuation of the bearish momentum.
Ethereum price analysis on a 4-hour chart: ETH/USD falls below major support
The hourly Ethereum price analysis is in favor of the sellers, as a downward price movement was observed in the past 24 hours. The price curve has been headed downwards because of heavy selling pressure. This is why the ETH/USD value has been lowered to $1,580, and further downfall is also expected. According to the 4-hour price chart, the moving average value is present at $1,590 and is running against the current trend.
The MACD indicator has also been bearish since the start of today’s session, and it seems like it will remain bearish moving forward. The histogram shows a lower low, indicating that bearish momentum is increasing. The RSI indicator is also in the oversold zone at $33.90, a sign of bearish exhaustion in the market.
Ethereum price analysis conclusion
According to the above-mentioned Ethereum price analysis, we can conclude that the bearish pressure in the market is increasing. The ETH/USD pair is trading at $1,580 and could see further losses if the 1,553 support level is breached. On the other hand, if buyers can manage to push the price above $1,652, we could potentially witness a reversal in the trend.