ETH Price Analysis: Bears continue to have a vice-like grip on Ethereum Coin

•ETH/USD is currently priced at $1,018.45 and has decreased by 8.49% over the past day

•The trading volumes have increased by 13.37% over the past day

•The technical indicators suggest a negative outlook for the near term

Short Term View: Technical indicators suggest a continuation of bearish momentum for Ethereum Crypto

The Ethereum price today is $1,018.45 USD with a 24-hour trading volume of $16,326,343,491 USD. Ethereum is down 8.59% in the last 24 hours. The trading volumes have increased over the past day as a result of increased profit bookings, whereas the Volume to Market Cap ratio stands at 0.1321 for the altcoin.

After clocking its all-time high of $4,891.70 on Nov 16, 2021, the Ethereum coin has been stuck in a rut. Today, it finds itself in the midst of a downtrend that is depicted aptly by the asset trading below the 20 and 50 SMA on the 4-hour chart. If the momentum sustains, the Ethereum Coin would encounter bears at the nearest psychological support located at $1,000. On the other hand, barring a prolonged crypto rally, the first major resistance level would likely limit any upside. In the event of a prolonged breakout, Ethereum Crypto would test the major resistance level at $1,100 before any pullback.

Long Term View for Ethereum Coin

The bearish rally is in full swing when it comes to the Ethereum coin, with the bears gaining strength to strength. The RSI is currently transacting at a stone’s throw away from the oversold levels, standing at 30.51 after plunging below the 14-day average line. The green histograms have reduced in size on the daily chart as well, while the MACD and signal lines continue to transact in the negative territory. Thus, the bulls have a herculean task on their hands as they attempt to arrest the slide.

Conclusion

If Ethereum Crypto is not able to free itself from the beach grip, the prices could fall below the support zone located at $1,000. If this zone breaks, sales will increase and the downtrend may resume, making it an important defense zone for bulls. The next few days will provide us with an insight into the future course of the coin.

Support: $1,000-$975

Resistance: $1,050-$1,100

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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