Today’s Ethereum price analysis indicates ETH opened the daily trading session trading in a bullish trend, trading at $1,619.59. During the session, Ethereum traded in a range of $1,620-$1,635 and currently trades just above the support level at $1,600.However, a bearish candlewick pattern has been established on the daily chart which could indicate more bearish pressure is looming.
Ethereum price analysis reveals the $1,600 support level is key in determining if the ETH price can remain afloat or fall further. If Ethereum bulls manage to hold above this level, there is potential for further gains. If Ethereum bears break the support level of $1,600, it could signal a downtrend and additional bearish pressure on ETH prices.
ETH/USD 1-day price analysis: ETH trades in a horizontal range
On the 1-day chart, Ethereum price analysis on the daily chart shows ETH is trading at $1,622.91 and is currently trading in a horizontal range of $1,600-$1,635. ETH has found some support at the $1,615 level and if Ethereum bulls manage to push above this level, there is potential for further gains.
Ethereum price analysis on the daily chart reveals the bulls have been defending the key support level of $1,600. ETH bulls have been trying to push the price above the resistance level at $1,635 but have so far failed to do so. If Ethereum bulls are unable to break the resistance level and establish a higher high above it, there is potential for further bearish pressure on ETH prices.
The Relative Strength Index(RSI) on the daily chart for Ethereum price analysis shows a flatline at 46, indicating ETH is currently in a neutral zone and could potentially move in either direction. A break above 50 indicates further bullish pressure while a fall below 30 indicates more bearish pressure.
The MACD line on the daily chart for Ethereum price analysis shows a slanting downward trend, indicating bearish pressure is looming. The bulls have been trying to push the MACD line above the zero line but have so far failed to do so, as the MACD line continues to trend in a bearish pattern.
Ethereum price analysis on a 4-hour: Bears strike hard
The 4-hour chart for Ethereum price analysis shows ETH trading at $1,624.45 and is currently trading in a bearish pattern as the bears are attempting to break below the support level of $1,600. The Relative Strength Index (RSI) on the 4-hour chart is trending downwards and is currently at 47 and is headed downwards, indicating further bearish pressure on ETH prices.
The MACD line on the 4-hour chart for Ethereum price analysis is also trending downwards and is currently below the zero line, indicating more bearish pressure could be in store. The bulls will have to push the MACD line higher above the zero line and establish a higher low before they can attempt to establish a higher high and break the resistance level of $1,635.
Ethereum price analysis conclusion
Ethereum price analysis shows that ETH is currently trading in a bearish pattern and the bulls have been unable to push the price above resistance levels. The key support level at $1,600 will be critical in determining if Ethereum prices can remain afloat or if the bears can break it and push ETH prices further downwards.
Source: https://www.cryptopolitan.com/ethereum-price-analysis-2023-02-27/