Ethereum price analysis for today shows ETH has been trading in a bearish bias since it touched the resistance of $1,883.06.Ethereum has been trading in a sideways movement in the previous few days and the bulls have failed to push prices above $1,883.06.Ethereum is trading at $1,861.40, down 0.06% in the last 24 hours.
Ethereum price analysis shows ETH has been consolidating between $1,800 and $1,883.06 for the past few hours, with a bearish bias. Ethereum price analysis suggests that if the bulls can push ETH above $1,883.06, it could rise to the next resistance level of $2,000.On the other hand, if ETH fails to break past $1,883.06 and falls below $1,800 Ethereum could drop back down to its immediate support at $1,778 (20-day EMA).
ETH/USD 1-day technical analysis: ETH fails to break past $1,883.06
On the daily chart, ETH has been trading in a horizontal channel between $1,800 and $1,883.06.The 20-day EMA is sloping flat and the MACD is in the negative zone with a bearish crossover. The RSI has been trading near the overbought level of 70 for the past day or so and Ethereum price analysis suggests that if ETH fails to break past the resistance of $1,883.06 it could possibly fall back down to its immediate support level of $1,778 (20-day EMA).
Ethereum price analysis on the daily chart shows ETH is trading inside a descending triangle pattern, with the lower trend line at $1,800 and the upper trend line at $1,883.06.Ethereum price analysis suggests that if ETH breaks past the upper trend line of the triangle it could rise to its next resistance level of $2,000.On the other hand, if ETH fails to break past the upper trend line of the triangle and falls below $1,800 it could drop back down to its immediate support at $1,778(20-day EMA).
ETH/USD 4-hour chart: Consolidation around $1,800
On the 4-hour chart, Ethereum price analysis shows ETH is trading inside a symmetrical triangle pattern with the lower trend line at $1,802 and the upper trend line at $1,845.The MACD has made a bearish crossover and shifted into the negative zone. The RSI is trading near the 50 level and Ethereum price analysis suggests that if ETH breaks past the triangle it could rise to its next resistance of $1,883.06.On the other hand, if ETH fails to break past the triangle and falls below $1,802 it could drop back down to its immediate support at $1,778(20-day EMA).
Ethereum price analysis conclusion
Ethereum price analysis is bearish for today as ETH has been trading in a sideways movement between $1,800 and $1,883.06.The 20-day EMA is sloping flat and the MACD is in the negative zone with a bearish crossover. Ethereum price analysis suggests that if ETH has taken out the resistance at $1,883.06 it could rise to its next resistance of $2,000. On the other hand, if ETH fails to break past $1,883.06 and falls below $1,800 it could drop back down to its immediate support at $1,778 (20-day EMA).
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve.
Source: https://www.cryptopolitan.com/ethereum-price-analysis-2023-04-07/