Ethereum’s price is trading in a downtrend, which can be interpreted as a sign that it is bearish. Ethereum’s price changed over the past 24 hour, as the coin experienced an appreciation of 6%.
It broke away from the descending channel as the coin appreciated.
Ethereum lost more than 7 percent in value over the last week. Ethereum’s chart has risen as buyers entered the market.
Although sellers may make an attempt to rebound, buyers continue to dominate the price action in the one-day chart.
The $1,400 price level continues to be a strong resistance area for Ethereum prices. ETH will be able to break the support line and reevaluate its price ceiling.
As of this writing, the technical outlook for Ethereum remains bearish. Bitcoin’s price recovery has helped major altcoins pick pace over the last 24 hours.
Ethereum Price Analysis, One-Day Chart
At the time this article was written, ETH traded at $1340. Over the past 24 hour, buyers helped the coin to break out of its descending trendline.
1.400 remained the immediate strong resistance. In the past two weeks, Altcoin has not been able to surpass this level.
Ethereum may trade as close to $1700 after the $1400 barrier is crossed. ETH can fall to $1100 if it falls below $1340, then back to $1,000.
Green was the color of Ethereum’s last trading session, which indicates an increase in buyers.
Technical Analysis
ETH appeared to be trying to rebound according its chart. However, buyers remain low as of the writing. The technical indicators point towards a bearish outlook.
Relative Strength Index fell below half-line which indicated buyers had fewer sellers than buyers.
Ethereum prices were below the 20 SMA, which indicates low demand. The market momentum was also being driven by sellers.
ETH’s other indicators have also shown that the sellers were in control of the market at the time of writing. To reach its next resistance level, the demand must increase.
Moving Average Convergence Divergence is a measure of price momentum. MACD experienced a bearish crossover, and it formed red histograms as of the writing.
This signal is associated with the sale of the coin. Chaikin’s Money Flow displays capital inflows as well as capital outflows over a period.
Although the CMF fell below half-line, it pointed to low capital flows. However, there was an increase in the indicator.