The Ethereum price analysis is bearish for today as the coin faced rejection at $1,979, and the bears got control once again. Their efforts have been successful, as the price covered a downward range of up to $1,918 before settling down in the current area. The previous week, the market was favourable for the bulls with ETH/USD reaching $2,100. The Ethereum price was unable to hold the gains, however, and has been in a downtrend since then. The bears have taken over the market and are currently pushing ETH/USD lower, as more selling pressure is being applied.
The ETH/USD pair is now trading within a descending triangle pattern, with strong support at $1,894 and resistance at $1,979. Currently, the bulls are attempting to break above the resistance level but have so far been unsuccessful. If they manage to push past this point, then we could see a continuation of the rally toward $2,100. However, if the bears manage to break below the support level then Ethereum price could drop swiftly towards $1,800.
Ethereum price analysis 24-hour chart: Bearish overwhelms bulls as ETH price drops to $1,918
The 24-hour chart for Ethereum price analysis is showing a bearish momentum today, and the price has decreased to $1,918, with a loss of almost 3.12 percent in the past 24 hours. During the past week, the price chart had been dominated by green candlesticks, as the bears were constantly causing the price to increase. The bears have regained control of the market, however, and are now pushing ETH/USD lower. Currently, the price is trading below the $2,000 level and is likely to continue going lower in the short term.
The RSI has dropped to 49.93, indicating that the market is in neutral territory. Additionally, the RSI has recently formed a bearish divergence pattern, suggesting that the bulls are losing momentum. The 20-EMA is also heading lower, indicating that the bearish pressure is strong in the market. The 50-EMA has crossed below the 100-EMA, and this could lead to further losses for the Ethereum price. The moving average convergence/divergence histogram is also showing a bearish crossover, suggesting that the Ethereum price could soon break below $1,900.
Ethereum price analysis: Recent developments and further technical indications
The hourly Ethereum price analysis shows the bearish is still dominating the market and ETH/USD is on a downward trajectory. The ETH has been trading in a tight range of $1,900 and $2,000 for quite some time now, but the bears are gradually pushing it down. Volume is decreasing as well, and the sellers are losing their grip on the market.
The MACD indicator is showing a bearish crossover, indicating that selling pressure has increased in the market. The relative strength index (RSI) has also dropped to 30.60, indicating an oversold market. The 50-day Moving average is currently trading at $1,870, and the 100-day MA is at $1,856. The 200-day MA has breached below the 50-day MA and this could be a sign of further bearishness in the Ethereum price.
Ethereum price analysis conclusion
Overall, the Ethereum price analysis is bearish and the ETH/USD pair is likely to see further losses in the near term. The bears have regained control of the market and are pushing it lower with increasing selling pressure. Short-term support levels are found at $1,894, while resistance levels are located at $1,979. Either way, selling pressure is likely to prevail in the market, and sellers may target the $1,800 level in the near term.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve.
Source: https://www.cryptopolitan.com/ethereum-price-analysis-2023-04-21/