Ethereum price analysis: ETH goes down to $1,672 as bears strike back
Ethereum price analysis reveals that the price has been trading low since yesterday 16th February, as bears continue to dominate the market. The previous day the market experience sufficient bullish pressure which allowed the ETH/USD pair to reach a high of $1,737. However, there has been a slight pullback in prices as it falls by 2.76% and trades around $1,672 at press time.
The 24-hour chart depicts that the price is moving in a range from $1,636 to $1,732, which represent support and resistance levels respectively. Either of these levels can be breached if the buyers and sellers become more active, However, if the current trend continues, then the ETH/USD pair will remain in a sideways movement for some time.
The 24-hour trading volume is seen to be around $10 billion, with the leading exchanges like Binance, Coinbase Pro, OKEx, and Bitfinex contributing a large chunk of it. The market cap is seen to be around $204 billion, with the top 10 holders of Ethereum controlling almost 50% of it.
Ethereum price analysis 1-day price chart: ETH/USD faces rejection at $1,737, after a bearish run
The one-day Ethereum price analysis confirms that chances of further devaluation are rising for the bears because of a sudden change in the price trend observed today. The crypto pair was on improvement for the past day, but today, a rejection from the bearish side was observed as the price decreased up to the $1,672 level. The price is still trading above the moving average (MA) value which is $1,573, but the difference is decreasing.
The MACD indicator has given a negative crossover as the token falls after the breakout of the supply zone on a daily time frame. The blue line crossed the orange line on the downside. This has resulted in the token price falling strongly. Once the token price starts moving up again after retesting, the MACD indicator can give a positive crossover and the gap between the blue and orange lines can be seen widening supporting the trend. After the breakout of the small supply zone, the token is now trading in a small range, resulting in consolidation. The RSI indicator is also seen to be in the bearish territory as the token falls.
Ethereum price analysis: Bearish hinders the path of overall progress
The Ethereum price analysis on the hourly chart shows that bearish is still prevailing in the market for the last 4-hours. The selling pressure has hindered the path of overall progress as the price drops and moves in a descending channel. The red candlestick formed today represents the bearish pressure and it appears that it won’t be easy for the bulls to take control of the market any time soon.
The MACD indicator is seen below the zero line which indicates that the selling momentum is still prevailing in the market. The blue line has crossed the orange line with a negative crossover which further confirms the bearish pressure. The RSI indicator moved towards the oversold region which proves that the selling pressure is very strong and it won’t be easy to bring buyers back into this market. The moving average indicator is also seen below the current price which further confirms that selling is dominating over buying.
Ethereum price analysis conclusion
Overall, the Ethereum price analysis depicts that buying pressure is slowly declining and bearish pressure is on the rise. The token is trading in a very narrow range for the last 24 hours and it looks like it may continue to do so for some time. The bearish pressure is currently overpowering the bulls and it looks like it may take some time for buyers to be seen in this market. The next few days should be monitored carefully as any small movement can have a significant effect on the price of Ethereum.
