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TL;DR Breakdown
Ethereum price analysis is seen to be bearish on the charts as the price is trading below the key $1,500 level. The ETH/USD pair has been trading in a tight range between $1,545 and $1,477 for the past few days. However, the pair’s bearish momentum has picked up with prices going below the support at … Read more
Ethereum price analysis is seen to be bearish on the charts as the price is trading below the key $1,500 level. The ETH/USD pair has been trading in a tight range between $1,545 and $1,477 for the past few days. However, the pair’s bearish momentum has picked up with prices going below the support at $1,500 and trading at $1,490 currently. The bearish trend is likely to continue in the short term as ETH/USD struggles to break above the key resistance at $1,545.
The bearish pattern on the charts is likely to continue with no signs of an imminent bullish reversal. The bearish pressure is likely to remain intact as the price moves lower and a break below $1,477 could open up further downside potential. The market cap of Ethereum is currently at $181 billion with a 24-hour trading volume of $8.78 billion via Coinmarketcap.
The 24-hour Ethereum price analysis chart shows that the ETH/USD pair is trading in a bearish trend. At the time of writing, ETH/USD is trading at $1,490 after a sharp bearish move. The pair has decreased by over 2.89% in the past 24 hours and is trading below the key resistance at $1,545. The pair is likely to remain in a bearish trend unless it manages to break above the key resistance at $1,545. The bulls were in control of the market as the pair was seen trading above the key level before it reversed its direction and moved lower.
The daily technical indicator analysis shows that the MACD is in a bearish crossover while the RSI is below 50 which indicates further downside potential for the pair. The EMA’s are also trending lower which suggests that the bearish momentum is likely to remain intact in the short term. The 9-EMA and 21-EMA are both trending lower, indicating that the bearish pressure is likely to remain intact in the short term. The RSI is at 55.69, which indicates that the pair is oversold and a bullish reversal could be seen soon.
The Ethereum price analysis suggests that the ETH/USD pair is likely to remain in a bearish trend in the short term. The year started with a lot of gains for the pair and ETH/USD surged above $1,600 before the bearish trend started. The pair is now trading below $1,500 which is very discouraging for the bulls.
The MACD over the hourly chart shows the seller’s line is moving above the buyer’s line and is likely to remain that way unless a strong bullish reversal takes place. The gap between the two lines is decreasing, indicating that the bearish momentum is likely to remain intact in the short term. The RSI is also below 50 which indicates further downside potential for ETH/USD. The EMA’s are also trending lower, suggesting that the bearish pressure is likely to remain intact in the near future. The 9-EMA and 21-EMA are both trending lower, indicating that the bearish momentum is likely to remain intact in the short term.
Overall, Ethereum price analysis shows that the pair is likely to remain in a bearish trend in the short term. The key resistance at $1,545 is preventing the bulls from taking control of the market and ETH/USD could move lower if it fails to break above this level. The technical indicators are all showing bearish signals, suggesting that the bearish momentum is likely to remain intact in the near future. Investors should keep an eye on the key support and resistance levels for potential entry and exit points.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve
Ann likes to write about crypto and blockchain technology. She has been following the development of these technologies for a few years and believes that they have the potential to disrupt many industries.She has specialized in technical analysis to help cryptocurrency traders make more informed decisions.
