- Bears hold Ethereum price prediction to the ransom as fresh lows appear
- The ETH/USD pair struggles to keep $1,670 support as selling pressure mounts
- Bears are gaining the upper hand in sideways trading as bulls sit on the sideline.
The Ethereum price prediction is currently moving in sync with Bitcoin as both the coins face renewed selling pressure. Ethereum is trading near two-week lows and is barely holding above the 200-day simple moving average. The negative momentum is building up gradually as the zig-zag price action is contributing to the fall.
The downward sloping trend line is further capping the upside potential. The immediate resistance lies at $1,710, where the sellers are waiting to put more pressure on the pair. In the last 24 hours, the pair has declined from the $1,780 level and touching $1,661 lows as the day progresses. The lower range of Bollinger Bands supports the price as bears look to paint a decisive breakout to the lower side.
With virtually no news about ETH 2.0, the fundamental viewpoint is not relevant at present. The current narrow range is gradually moving lower from $1,750 to $1,850 level. The hourly timeframes are deep in red, along with various technical indicators.
Bitcoin price movement in the last 24 hours: Bearish triangle pattern takes over
Ethereum price prediction shows the emergence of a bearish triangle pattern between the narrow range. The ETH/USD pair continues to move in the ascending price channel, but the channel’s slope is now muted. The selling bias is extreme near the $1,690 level. The descending triangle pattern also signifies slow erosion of price if the bulls aren’t able to counter with significant volumes.
The support at $1,650 also marks the double bottom in the current uptrend that began in late January. Conversely, a decisive breakout above the $1,810 level can help the Ethereum price prediction back into the bullish region. In doing so, the pair must cross multiple resistance at higher levels that have marked the pair’s rise from the 200-day simple moving average.
The inability to move past $1,710 resistance shows that buying momentum is not strong. Another bearish signal comes from the weak volume data that shows both the bulls and bears are unclear about future price direction. A clear breakout below the $1,660 level will mark a definitive bearish signal that will plunge the price further into deep red territory below the $1,578 level.
ETH/USD 4-hour chart: Crumbling support levels mark short-term bear rally
When the price broke below the 61.8 percent Fibonacci retracement level, the short-term bearish rally was confirmed on the hourly charts. The weekly falling resistance line does have solace for bullish Ethereum price prediction. The sellers are preparing for another round of selling near the swing lows of $1,450.
On the 4-hour chart, the ETH/USD pair is stuck within a descending triangle pattern with a range that matches the Bollinger Bands. The upper level of the triangle at $1,830 marks the immediate resistance, while the lower end at $1,650 defines the lower end.
The RSI at 30 shows the pair is already in a bearish grip. The MACD is widening and shows that the selling pressure has not subsided. The 50-day simple moving average at $1,808 marks the first resistance level, while the $1,830 resistance comes next. If the bulls can muster momentum and volumes, the bulls’ lofty short-term target will be $2,000.
Ethereum price prediction conclusion: Descending bear triangle holds the key
The hourly charts indicate a weakening price action for Ethereum price prediction. The ETH/USD pair barely clung to the $1,661 level amid a bearish overtone in the overall crypto market. The current sideways trading is only hurting the support levels further.
The ETH/USD is vulnerable to lower price levels until the market sentiment improves. The weekly bias is still very much bullish. However, a short-term correction towards $1,560 cannot be ruled out. There isn’t much news coming from the DeFi sector to fuel any speculative buying or selling. Thus, the current Ethereum price prediction is somewhat negative with a clear downward bias.
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