Ethereum price analysis: ETH backslides  below $1,700 as bears strike again

Ethereum price analysis

TL;DR Breakdown

  • ETH/USD indicates a bearish trend in the market as ETH has fallen below $1,700 again after briefly climbing above the mark.
  • The Ethereum price has moved down to $1,654 at the time of writing, with 5 percent losses in the past 24 hours.
  • The support level for ETH/USD is found at $1,635, and the resistance level is seen at $1,779.

Ethereum price analysis shows that the bears have taken control, and ETH has dropped below $1,700 again. The pair is trading at $1,624 at the time of writing and is seeing -7.08 percent losses in a day. The market for ETH was trading in bullish for the past few days, but the bears have managed to take control now.

image 315
Cryptocurrency heat map. Source: Coin360

The Ethereum price has been trading in a range of $1,630 and $1,779 for some time now, but the pair is looking bearish as the support level at $1,630 was breached this week. The resistance level for ETH/USD stands at $1,779, which was tested yesterday, but the pair failed to break above it. The Ethereum price analysis shows that the pair is likely to remain bearish in the coming days. If ETH fails to hold the support level of $1,630, it could fall further below.

Ethereum price analysis 1-day chart: ETH/USD  corrects lower after bearish pressure

Looking at the daily chart, it can be seen that bearish pressure is dominating the Ethereum price. After hitting a high of $1,779 earlier this week, the pair has corrected lower and breached the support level of $1,630. The movement of the price function is constantly downwards today after setting a short-term trend line in the bullish direction. 

The market capitalization for ETH stands at $199 billion, with a decrease of 7.71 percent in the last 24 hours. The daily trading volume for ETH is $14 billion, with a decrease of 4 percent from the previous day.

image 313
ETH/USD 24-hour chart. Source: TradingView

The Bollinger bands have started to contract, indicating a decrease in the volatility of the market. The Upper  Bollinger band is at $1,728, which was breached yesterday, and the lower band is at $1,442. The RSI of ETH/USD is currently below 50, which shows that the market has become bearish again. The MACD is trading in the bearish zone, with a bearish crossover observed recently.

Ethereum price analysis 4-hour chart: ETH/USD maintains bearish at the $1,624 mark

The hourly chart for Ethereum price analysis shows that ETH is maintaining bearish at the $1,624 mark after the selling pressure that was seen in the few hours. The market is making lower highs and higher lows, indicating that the bears are in control of the market. A bearish reversal pattern on the hourly chart could suggest that further downside is likely in the near term.

image 316
ETH/USD 4-hour chart. Source: TradingView

The moving average convergences/divergences (MACD) have moved back into the bearish zone, with a bearish crossover seen earlier today. The MACD line has crossed below the signal line and is heading downwards, which indicates further bearishness in the market. The relative strength index (RSI) is currently at 50.00, showing that the bears are still dominant in the market. The Bolinger bands are still contracting, which shows a drop in the volatility of ETH/USD.

Ethereum price conclusion

Ethereum price analysis indicates that ETH is trading below $1,700 again as bears have taken control of the market. The support level for ETH/USD is seen at $1,630, which could be tested soon if the selling pressure continues. The resistance level is standing at $1,779, which was tested yesterday, but the pair failed to break above it.

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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