Ethereum price analysis: ETH takes a breather above $1,600 as momentum slows
Ethereum price analysis for today shows ETH is trading at $1,688.34 after a slow day of trading. Ethereum has been trading in a sideways range for the past few days, with support holding near $1,500 and resistance being tested around the $1,750 level.
Ethereum price analysis remains bearish overall as the momentum that had been propelling ETH higher appears to have subsided for now. If Ethereum’s price can stay above $1,500 support, it could be a sign that the bulls are still in control and ETH may continue its upward trajectory. On the other hand, if Ethereum breaks below $1,500 support, more downside could be in store.
Ethereum price analysis on a daily chart: Bears remain adamant in pushing prices lower
Ethereum price analysis reveals in the last 24 hours ETH has been bullish, with prices tapping an intra-day high of $1,718.95.Bears came in and pushed prices lower, towards the Fibonacci retracement level of 61.8% at $1,642. ETH managed to hold above this level and is currently trading near the 38.2% Fibonacci retracement level of $1,656.
Ethereum price analysis shows a bearish triangle formation on the daily chart that indicates bears still have control over ETH prices. Ethereum is trading below the 200-day moving average and looks poised to test support around $1,500. If Ethereum drops below this support level, more downside could be in store.
The technical indicators on the daily chart reveal the current sentiment is neutral, with bearish pressure dominating. The MACD line is however on the verge of crossing the red signal line, towards the positive territory, signaling a potential shift in sentiment.
The Relative Strength Index line is residing at 58.99, indicating that ETH is neither overbought nor oversold. The RSI has room for some more upside before entering the overbought zone.
Ethereum price analysis on a 4-hour chart: Bulls defend the key support level of $1,600
Ethereum price analysis on the 4-hour chart shows ETH is trading in a range between $1,600 and the Fibonacci retracement level of 61.8% at $1,718. Bulls managed to defend the key support level of $1,600, which is a positive sign for Ethereum price analysis.
The technical indicators reveal the ETH bulls have sought support near the EMA50 and are trying to push prices higher. The MACD histogram is in the negative zone, indicating bearish pressure is present. The RSI line has also dropped below the 50 level, which shows that bears have taken control of ETH prices.
Ethereum price analysis conclusion
Ethereum price analysis for today reveals ETH’s recent bull action has been cut short as momentum has started to slow. Ethereum is currently trading near $1,688 and is facing resistance near the $1,750 level. Ethereum price analysis shows a bearish triangle formation on the daily chart that signals bears still have control over ETH prices.
