Ethereum’s price was $3030, and altcoin king Mark Zuckerberg noted an 11% decline in prices over the week. All major cryptocurrency are in a downtrend after they broke past immediate support levels.
Bitcoin prices were below $40k, and have fallen by 12% during the week. After a 0.2% decline over 24 hours, the global cryptocurrency market capital stood at $1.96 Trillion.
Ethereum saw a sudden selling frenzy over the course of the week. But, in just 24 hours the coin managed to escape the grip of the sellers. However, buyers are still putting pressure on the market. Ethereum developers recently launched their Mainnet Shadow Fork.
Ethereum Price Analysis: 4 Hour Chart
Ethereum price at $3028.86. The coin was hovering near the same level in the past 48 hours. The immediate resistance to the coin stood at $3085.60, after it was rejected from the same level two times over the last few days.
If Ethereum continues to be rejected from the resistance level, it could push Ethereum towards the $2839.12 support level.
A decline below that level would be 6.44%. If the bulls come back, the coin will aim to the resistance level at $3391.95 then $3609.61. Red meant that trading volume was low, which indicated that the buyers were not as numerous at the moment of writing.
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Technical Analysis
Ethereum hovered around the oversold area for the past 72-hours, and at the time the article was being written the coin still struggled with significant buying pressure. The Relative Strength Index showed that Ethereum fell below 50 because it was undervalued and oversold at the time. RSI has remained at or below half of its previous line for most of the week.
ETH was placed below the 20 SMA and this coincided with the readings on the RSI. ETH’s price momentum was driven by sellers according to the aforementioned indicator.
Since ETH went on a sell spree about a week ago, the coin began to show bearish price action and a bearish momentum. ETH displayed bearish price action for a short time and was able to witness the bulls take over.
MACD was currently negative, as it was below the zero mark. This indicates the strength of bears. It’s too early to know if ETH price momentum will pick up in the upcoming trading session.
MACD shows a bullish crossover. There are tiny green histograms that resurface, but price movement continues in this direction. The indicator will remain below half-line.
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