Ethereum‘s price recently showcased some strength and recorded some short-term bounce that uplifted the price above $1100. However, the false weekend jump that recovered nearly 25% of the losses could all go in vain as the asset is about to drop hard marking new lows very soon. Interestingly, the buyers and the sellers are in the middle of a tough battle for supremacy and the ETH price is expected to follow the victor.
The crypto space is still in deep waters and the ETH price is in the bear market as the prices are still trading below the crucial 200-day MA levels. The short-term does display a mounting buying pressure due to which a fake breakout may be expected, but in the longer time frame, the asset is still within the bearish captivity.
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The ETH price in the weekly time frame is pretty bearish as it is about to slice through the crucial support at $1133. The flip is not yet validated as the bear continues to mount enough selling pressure upwards. And moreover, compared to the selling volume that has been accumulated over the past 11 weeks, the current buying volume may not sustain for a long time. Therefore, nullifying the current upswing, the ETH price could slide down to below $900 to hit $833 very soon.
Despite a significant plunge, the ETH prices may not have found bottoms here as more bearish pressure could drag the price even below $500. However, RSI is heading strongly beyond the lower support and looking out for a bullish divergence. On the other hand, MACD is extremely bearish, showing no bullish signs in the near future.
Therefore, Ethereum(ETH) despite displaying a strong bullish momentum, is still pretty bearish also in the long-term monthly time frame.
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Source: https://coinpedia.org/price-analysis/ethereumeth-price-bounce-maybe-just-another-fake-breakout/