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Ethereum price analysis: Bearish drives ETH below $1,500 after a strong market crash

Ethereum Price Prediction 2022.11.17. 768x384 1

TL;DR Breakdown

  • Ethereum price analysis shows a strong bearish trend in the ETH market, as ETH has dropped below $1,500.
  • The selling pressure in the market is strong, and it has shaved off roughly 6.68% of its value from the previous day.
  • The market overall has been bearish, and the price of Ethereum is currently at the $1,423 mark.

The latest Ethereum price analysis indicates a strong bearish sentiment in the market. ETH/USD pair has been on a downward trajectory since the start of this month and is now nearly 10% down from its all-month-time high of $1,585. The market crash that occurred a few weeks ago has led to a continuous bearish sentiment for Ethereum. This downward trend is further accelerated by the lack of significant buying interest in the market, which is leading to lower demand for ETH.

image 205
Cryptocurrency heat map. Source: Coin360

The downside pressure of Ethereum is still strong, and if this trend continues, the price could drop to even lower levels. On the upside, the resistance of $1,488 may provide some support for ETH. However, if it fails to hold above this level, then we can expect further losses in the coming days.

The miners and the holders of Ethereum are currently feeling the impact of the bearish market. Miners, in particular, are facing a difficult situation as their profits have been declining due to lower mining rewards caused by increased difficulty levels and reduced transaction fees. Holders have transferred their assets from Ethereum to other cryptocurrencies, which has further contributed to the bearish sentiment.

Ethereum price analysis 1-day chart: ETH trades in a bearish zone

The one-day  Ethereum price analysis is confirming a decline in coin value, as the price has been following a bearish trend for the day. The price has been rangebound between $1,400 and $1,500, and the lower support at this level keeps getting violated. As of now, the Ethereum price is hovering around the $1,423 mark, and the bearish trend is likely to continue in the coming days. The pair has lost more than 5.87% of its value in just a day, and if the selling pressure continues, then we may soon start seeing ETH going toward the $1,378 support level.

image 207
ETH/USD 4-hour chart. Source: TradingView

The moving average (MA) is still quite low and is present at the $1,540 mark. This indicates that the bearish pressure is still in play, and if ETH doesn’t hold above this level, then we could see further losses for Ethereum. The SMA 50 curve is traveling above the SMA 20 curve as the bearish trend is evidently getting stronger. The increase in volatility has taken the upper Bollinger band value to $1,742 and the lower Bollinger band value to $1,452. The Relative Strength Index (RSI) score has moved down to the 37.96 level.

Ethereum price analysis:  ETH  price backtracks to $1,405 as bears gain momentum

The hourly Ethereum price analysis is still on the bearish side, as ETH has been declining slowly and steadily since yesterday. The market opened trading at $1,5431 and has been on a downward trend since then. The market has formed a descending triangle pattern, and the price has broken down from the upper trendline, which signals further bearishness in the ETH market.

image 206
ETH/USD 4-hour chart. Source: TradingView

The 50-moving average is currently placed near the $1,145 mark, and the 100-moving average is sitting at the $1,450 mark. The 200-moving average has been moving away from the 50-MA to signal a bearish momentum in the market. The volatility is still high, and the upper Bollinger band value is currently at $1,629, while the lower Bollinger band value is at $1,382. The  Relative Strength Index (RSI) score is at the 25.65 level, which shows that the bearish forces are gaining more strength in the market.

Ethereum price analysis conclusion

Overall, Ethereum price analysis signals a bearish sentiment in the market, and ETH/USD pair is expected to continue its downward trajectory toward the $1,378 support level. The bulls will have to gather enough strength to push the price up before it is able to break above the $1,488 resistance level. If that doesn’t happen soon, then we might see Ethereum going even lower in the coming days.

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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