Ethereum price analysis is bearish today as the ETH price has come down to its lowest level after a brief surge. The coin has marked a lower low at $1,616 as the bearish trend has been gaining strength since today afternoon. ETH/USD has been on a downtrend for some hours now. However, the coin was successful for some hours today as the bullish markets had a brief surge but that was short-lived as the bearish pressure is back in the market.
Today’s market opened trading at a high of the $1,629 mark and has since slipped to its current price of $1,616. The recent decline in the ETH/USD pair has been due to the stronger bearish pressure in the market.
The 24-hour trading volume for Ethereum has dropped from $7.10 billion, which is a minor decrease but still points towards bearish sentiments in the market, while the market cap is at $197 billion.
ETH/USD 1-day price chart: Bears trend downgrades price to $1,616 level
The 1-day price chart for Ethereum price analysis shows the price has decreased further after a bullish surge. The ETH/USD pair is trading hands at $1,616 at the time of writing. The cryptocurrency has lost around 0.73 percent at the time of writing. The support level for ETH/USD has shifted to $1,610 while the current resistance is at $1,639 and if the bears remain in control, then the ETH price could test new lows.
ETH/USD 24-hour chart: TradingView
The MACD indicator on the daily chart is showing a bearish crossover and is trending downwards which signals bearish sentiments in the market. The Relative Strength Index (RSI) is at a level of 78.15 which indicates that Ethereum is currently in an oversold zone. The moving average is also trending downwards which suggests that the bearish pressure could continue in the market. The moving average is currently at the $1,596 level.
ETH/USD 4-hour price chart: Cryptocurrency value slips back to a $1,616 margin
The 4-hour Ethereum price analysis shows the price breakout is downwards following a bearish strike, as the price swang low towards $1,610. The buying pressure needs to be sufficient to sustain the price above this level and target the next resistance level at $1,639.
The four-hour price chart shows a red candlestick occupying the leading position, and the price has been lowered to a $1,616 low. The selling activity will likely intensify further as the bearish pressure is heightening. As mentioned in the four-hour price chart, the moving average (MA) value is at $1,627 high above the price level.
ETH/USD 4-hour chart: TradingView
The moving average converges divergence (MACD) indicator is showing a bearish crossover, and the MACD line has crossed beneath the signal line which reflects a bearish sentiment in the market. The Histogram is also in the negative area which confirms bearish pressure. The relative strength index (RSI) is at a level of 57.38 which indicates that Ethereum is currently in an oversold zone.
Ethereum price analysis conclusion
In conclusion, the overall bearish sentiment continues to dominate in the market and it is likely that Ethereum will continue its downtrend unless the bulls manage to take control and push the price up.