Ethereum price analysis: ETH slumps down to $1,669 as bears take charge
The recent Ethereum price analysis reveals that the market is following a bearish trend, with ETH slumping down to $1669. After a long bullish rally for the past few days, bears have finally taken the charge. The support level is seen at $1662, which is likely to be the next target if bearish trends persist. However, ETH/USD faces resistance at $1714 which was seen as the highest point of the previous day.
The ETH/USD pair has seen a lot of volatility in the past few days, with prices oscillating between $1,662 and $1714. As bears take charge, Ethereum price analysis suggests that investors should be careful while trading ETH/USD as further dips may be expected.
The 24 trading volume of Ethereum (ETH) is $8.09 billion, which indicates that the market still has a lot of potentials to grow. The market cap of Ethereum is $204 billion, and the total circulating supply of ETH is 1122 million coins.
Ethereum price analysis 1-day price chart: Bearish swing deflates price levels to $1,662
The 1-day Ethereum price analysis is indicating a downfall in the price today after the bears have successfully dodged the intensifying bullish momentum. The bears have taken the price down to $399.25 of value, and it is expected that further decline will be observed. The ETH/USD has lost about -0.46% in the last 24 hours and is currently trading below the support level of $1662.
The past few days have been quite encouraging for cryptocurrency as a bull rally managed to push the price up. However, the bearish swing has deflated the prices and Ethereum price analysis suggests that further dips may be expected in the near future.
Looking at technical indicators, the MACD line appears to be headed down and is below the signal line, which signifies a bearish market in the near future. The MACD histogram also seems to be in the bearish zone, with a red candle being formed. The moving average (MA) is an important indicator, and in the 1-day price chart, it is present at $1,644, far below the current price value.
Ethereum price analysis: ETH faces a decline once again as bears cause disruption
The 1-day Ethereum price analysis is indicating a downfall in the price today after the bears have successfully dodged the intensifying bullish momentum. The bears have taken the price down to $1,669 of value, and it is expected that further decline will be observed.
The selling pressure is currently dominating with 50-SMA and 200-SMA trading in the negative zone. The relative strength index (RSI) is also trading at the oversold zone, which could indicate that a bearish market may prevail in the coming days. The moving average convergence divergence (MACD) is also headed down, and the signal line is below the MACD line. Also moving average indicator on the 4-hour chart is trending in the negative zone.
Ethereum price analysis conclusion
To sum it up, Ethereum price analysis shows that the market is currently bearish and could face a further decline. Investors should be careful while trading ETH/USD as further dips may be expected. More sellers have entered the market as compared to buyers which is why the trends have been reversed. The support level is seen at $1662, which could be the next target if bearish trends persist.
