ETH price sinks to $1,612 after the latest bearish shift – Cryptopolitan
Ethereum price analysis indicates a bearish shift in the market. The bears have controlled the price trends for the past few days after the price peaked at $1,682 last week and today the price faced another bearish decline. After the recent bearish shift, the price level has fallen to $1,612 as of this writing. It appears that the current downtrend is set to continue as the sellers have taken over the market hence the market sentiment is negative. However, the next support for ETH lies at the $1604 level and if the price recovers from this level, it could result in a trend reversal.
Trading volume is falling, which is a sign that buyers are not exerting significant pressure on the market. Trading volume has dropped to $8.93 billion while the market cap is $197 billion. The overall market sentiment is bearish and it looks like the bears are in control of the trend for the moment.
Ethereum price analysis 1-day price chart: The downmove continues as the bears drag the price to a low of $1,612
Ethereum’s 24-hour price analysis favors the bears as the cryptocurrency’s value has declined over the past 24 hours. The bears have been at the top for the past week and the price has followed a steady downward move. The price was brought down to a low of $1,612 on the recent bearish reversal as the cryptocurrency shed another 3.88 percent over the past 24 hours. The overall trend is down and further decline in value is expected unless buyers can come up with strong resistance at key levels.
The 24-hour technical indicator is also declining as the MACD indicator is showing a downward curve. The signal line has crossed below the MACD line, indicating increasing selling pressure and more sellers entering the market. Furthermore, the RSI (Relative Strength Index) has dropped to 50.63, further confirming that the bears are in control of the trend. Meanwhile, the moving average stands at $1657.01 with the 50-day and 200-day MAs suggesting a bearish crossover.
ETH/USD 4-hour price chart: recent developments and more technical indications
Ethereum hourly price analysis is also giving the bears the lead as the price has been below the bearish shadow for the past few hours. A constant decline in ETH/USD market value has also been observed over the past four hours as it fell to a low of $1,612. It appears that the current downtrend will extend further in the coming hours as the selling momentum gathers strength.
Additionally, the hourly chart moving average is $1648.53. The Moving Average Convergs Divergence (MACD) indicator shows a bearish crossover with the signal line crossing below the MACD line. Moving on to the RSI score which plummeted to 29.80 after recent selling activity.
Ethereum price close
Ethereum price analysis is bearish and the downtrend will continue as long as the bears remain in control. The next support level for ETH/USD is $1604 and if this level holds, it could result in a trend reversal. Until then, however, market sentiment will remain bearish as more sellers enter the market.
While you wait for Ethereum to move further, check out our price predictions for XDC, Cardano and Curve