Ethereum price taking heavy toll in the new bearish struggle

Ethereum price charts are showing a grim picture as the price is taking a stroll down the bear lanes. The queen of cryptocurrency is suffering heavy damages to the momentum it gained in a week.

The daily chart of the ETH/BTC pair shows that Ethereum (ETH) has not been able to climb above the local market resistance in red. The resistance does not seem to be far from the point where ETH capitulated into the price territory at the beginning of the year.

ETH BTC 1D

Ethereum price chart by Trading View

The lower high in price action is indicating another possible leg down. Sell volume was mostly on the rise yesterday. Initially, the price probably would be taking out the previous low (A) and would be finding support in the blue box.

Ethereum price movement: What to expect?

On the same daily chart with the indicators, a significant bearish divergence has predicted to move down, moreover; the histogram has been rolling over to dive deeper into the negative territory.

The aforementioned 2017 resistance level can also be seen, which tends to be marking a significant point in Ethereum’s broad market structure.

ETH BTC 1D

Ethereum price chart by Trading View

The last uptrend of Ethereum was quite near to this level, however; it seems that yet another cycle of consolidation would likely have to undergo the process before being retaken or attempted again.

Whilst comprehending the daily price chart of ETH/USD pair, the situation does not seem to be looking much exciting.

As ETH is being double-throttled with every movement of Bitcoin, the price value of the ETH/BTC pair falls when BTC falls and vice-versa, thereby, instigating a wild price action of ETH/USD pair.

ETH USD 1D

Ethereum price chart by Trading View

Lastly, looking at the four-hour chart of ETH/USD pair, the current selloff would probably cool off shortly. The oversold settings on the RSI are initiating and the histogram is beginning to arch down at rapid and extreme rate.