The Ethereum price has been retracing over the past days. In the last 24hrs, the currency lost 2%. Current price action points towards consolidation. The price action of ETH in the last trading session was below the $1,900 mark.
Ethereum’s price has risen to close $1,800 as a result of continued consolidation. If the altcoin king fails to surpass the $1,800 mark, then it will be targeting the next level of support.
As the coin was mostly consolidating and causing loss of value, its technical outlook turned bearish. ETH was bearish because of a drop in its buying strength. The buying power of Ethereum must recover significantly from its chart if it is to surpass the $1,900 level.
Today, the global cryptocurrency market is worth $1.18 Trillion. 1.6% negativeChanges in the past 24 hours. Market movers were also dipping on their respective charts, this had an effect on the coin’s overall price movement.
Ethereum Price Analysis: 4 Hour Chart
At the time this article was written, ETH traded at $1880. Multiple times, the coin was rejected at $2,000 level. After it tried to trade at $2,000, the Ethereum price experienced a correction.
Overhead resistance of the coin stood at $1900. An increase beyond that level will see ETH reach the $2,000 price mark.
Although local support was $1,700, consistent lateral movements could push the Ethereum price up to $1,500.
The increase in Ethereum trades indicated that sellers had begun to take control of the market.
Technical Analysis
The altcoin’s lateral trading had taken a toll on its buying strength. It was also evident in the indicator for the four-hour chart. Relative strength index was below the half-line, which indicates that sellers are more active than buyers in the market.
Ethereum could see a drop in buyers, causing it to reach $1745 again. This would allow the altcoin to witness renewed demand. The Ethereum price rose above the 20-SMA and indicated that buyers were driving price momentum.
ETH’s price movement has also indicated that the coin registered sell signal on its chart pointing towards bearishness.
Moving Average Convergence Divergence went through a bearish crossover. Red histograms formed below the zero-line.
These formations relate to the sell signal Ethereum. The parabolic SAR, which shows the direction in which the coin’s price moved was also negative.
The indicator’s dotted lines above the candlesticks showed that Ethereum’s price was moving south, proving that bulls are stronger than bears.