The Ethereum price analysis for today shows negative sentiment in the market, with ETH trading at a low of $1,549 over the last 24 hours. This marks a 1.23% decline from yesterday’s price and puts Ethereum firmly into bearish territory.
There have been constant changes in trends as downtrends and uptrends replace each other. This has caused ETH to remain in a volatile state, with traders struggling to accurately predict price movements. On the upside, ETH is facing strong resistance at the $1,568 mark and is unlikely to break through it over the short term.
The support level of $1,545 is likely to be a critical level that traders should watch out for if they wish to prevent further losses. If the price fails to remain above this mark, the ETH could slip deeper into bearish territory and experience major losses in market capitalization.
Ethereum price analysis 1-day chart: ETH/USD levels stumbling again
The 24-hour Ethereum price analysis shows a decrease in the coin value after the bearish return. The bears have made a successful attempt at making a comeback, as the price has decreased up to $1,549 today. The ETH/USD is at a loss of 1.23% and is trading below the resistance level of $1,568.
The 24-trading volume of ETH has seen a decline, registering $6.61 billion, while the total market capitalization has dropped to $190 billion. The current trading levels suggest that the bears are firmly in control of the market, and traders should remain vigilant for any spikes in bearish momentum.
Looking at the technical indicators, the MACD is still in the bearish zone, as the signal line (orange line) is currently above the MACD line (blue line). The Relative Strength Index (RSI) is also in bearish territory and stands at 43.84, indicating that the coin is currently facing downward pressure. The Bollinger bands are also in the bearish region, indicating that we may witness more price decreases in the near future.
Ethereum price analysis 4-hour chart: ETH/USD market likely to decline further
The 4-hour price chart for Ethereum price analysis shows that the trend is still bearish, as the prices have been on a downtrend for the last 4-hour session. The market has been favorable for the bears, and the bearish momentum is dragging ETH prices lower. The sellers have been in control of the market as the prices have dropped below the $1,550 level.
The MACD indicator is in the bearish zone as the histogram is in red, and the signal line (orange line) is currently below the MACD (blue line). The SMA 50 curve is trading above SMA 20, confirming a major bearish pressure on the cryptocurrency. The Relative Strength Index (RSI) is currently at 44.95, indicating that the coin is facing bearish pressure and could further slip lower if market sentiment remains negative. The volatility levels are still low, with the upper and lower Bollinger bands trading in the red region. The upper Bollinger is currently at $1,576, and the lower Bollinger band is at $1,549.
Ethereum price analysis conclusion
Overall, the Ethereum price analysis suggests that the bearish momentum is likely to continue in the near future, and traders should be cautious with their trading strategies. The prices are projected to remain below $1,550, and major losses in the market could occur if the price fails to remain below $1,550. The technical indicators are all pointing towards bearish pressure, which suggests that we may witness more dips in the upcoming days.
Source: https://www.cryptopolitan.com/ethereum-price-analysis-2023-03-08/