Ethereum has continued to trade in a bearish manner and now stands at $1100. In the two previous days Ethereum surged, reaching the $1200 mark. However, the coin saw a quick pullback. Ethereum’s strong resistance currently stood at $1,300.
Technically, the outlook for the coin remains bearish. Over the last 24hrs, ETH lost 9% in value. This invalidated any gains the coin had over the past week. The price of ETH has fallen after it failed to exceed the $1,300 ceiling.
ETH depicts a consolidated range of price with price for the asset between $1280 and $1110. If Ethereum doesn’t rise and break past the $1,300, price could dip and fall below the $1,000 mark. As the cryptocurrency’s price continued falling, buying strength was also affected. Today, the global cryptocurrency market is valued at $937 billion. This includes a decline of 5%. 5.5% in the last 24 hours.
Ethereum Price Analysis: 1 Day Chart
At the time of writing, ETH was traded for $1111. The immediate support level for the currency was $1,000. However, ETH can fall to the $900 price point if it falls. Overhead resistance immediately stood at $1200 and then $1300.
This price range was last seen in January 2021, when the altcoin fluctuated. A drop in Ethereum’s price to $900 would set a new record for the cryptocurrency in the year 2022. The possibility of a rally to $1700 is possible if the price of altcoins reaches $1300.
The 24 hour chart showed that Ethereum volume traded decreased, which means that Ethereum buying power has declined. Red was the trading volume indicator, which indicates bearishness.
Technical Analysis
ETH had been oversold for 48 hours. However, the currency recovered and moved higher than the oversold area. Despite this recovery Ethereum’s buying pressure remained extremely low on the chart. Relative Strength Index showed a decline and was close to the oversold mark once again.
Ethereum could reach $900 in the following trading sessions if there is a steady fall in demand. The 20-SMA showed that the coin was below the 20 SMA line. If the reading is below the 20 SMA line, it means the sellers are driving price momentum.
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ETH reported a decline in its buying power despite flashing a buy signal on the one-day chart. Price momentum can be seen in the Moving Average Divergence Divergence. It showed a bullish crossover with green signal bars, which indicate buy signals.
It is possible that the current price level will become a market for altcoin king king. Chaikin Money Flow displayed capital inflows as well as outflows. CMF was less than half the line, meaning that capital inflows were lower than capital outflows.
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Featured image UnSplash Chart from TradingView.com