Ethereum’s charts have slipped again as of the writing. In the last week, Ethereum lost around 10% of its value. Market buyers are leaving the market, which has led to bears strengthening in the market.
The technical outlook for the coin was bearish, and there was increasing selling pressure. The currency would trade in the same way as before.
Over the past 48 hours, Ethereum saw a steady sell-off. Ethereum lost support at $1900. The coin attempted to rebound over the past 24 hours, but bearish prices are still strong at this time. The bulls could be pushing the coins lower than $1700.
ETH could fall another 19% if the price falls below $1700. To give the bulls a break, ETH should trade at least $1900 again.
Ethereum Price Analysis: 1 Day Chart
At the time this article was written, it was valued at $1793. This price has not been seen in nearly a year. The altcoin’s overhead resistance stood at $1900, for bearish pressure to be invalidated the coin has to attempt trading above the $2200.
The coin received $1700 local support. If the bears drive price action, the coin could trade lower. In green, the volume traded for the coin decreased. The chart showed this as a positive sign.
Technical Analysis
Ethereum traded very close to its immediate support level. This meant that the coin traded below the 20 SMA line, which indicated strong selling momentum. This meant that the sellers had taken control of price momentum.
As a correspondence, the Relative Strength Index fell below half-line. Accordingly, this meant there was less buying power in the market. It can be seen that the RSI has been increasing which may indicate that buyers are gaining momentum.
A bullish divergence (yellow) on the chart suggests that there could be a trend reversal. The bullish divergence indicates a trend reversal.
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On the single-day chart, The Awesome Oscillator was negative. While the indicator was supposed to show the price momentum the red histograms represent negative price actions. Red histograms indicate a sell signal.
Directional Movement Index is also used to determine the price movements. It showed that the -DI levels were higher than the +DI. Average Directional Index (Red), which was higher than 40, indicated that there was a strong market trend and bearishness could continue in the coming trading sessions.
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