The price of Ethereum has fallen below $1900, below the $2000 mark previously held by bulls. This has led to another sell-off, despite attempts at recovery, the bearish impact remains strong
The price of Ethereum has fallen below $1900, below the $2000 mark previously held by bulls. This has led to another sell-off, despite attempts at recovery, the bearish impact remains strong.
In the past 24 hours, Ethereum has only risen by 1.2%, but on the weekly chart, counterfeit coins have fallen significantly by over 10%. Ethereum's technological outlook is also favorable for bears, as demand and overweight for counterfeit coins have declined. It is crucial for Ethereum to rebound and break through the direct resistance of buyers.
Nevertheless, most counterfeit coins, including Ethereum, still favor a higher time frame structure. However, bulls need to defend Ethereum's next support line or supply area in order to begin recovery.
As Bitcoin struggles below the $30000 price threshold, many counterfeit coins are also difficult to break its direct Price ceiling. On the single day chart, the decline in Ethereum's market value indicates a decrease in buyers.
At the time of writing, ETH's valuation was $1880, falling below the bearish range of $1900 to $2000. The price decline may be due to a regular price correction, as Ethereum's trading price is above the $2025 mark approximately eight months later. However, as selling pressure increases, bears dominate.
The direct upper resistance level of counterfeit currency is $1910. Breaking through this level may push the ETH to reach $1950, which may help drive up prices. On the contrary, ETH's support level is currently at $1840 and $1820.
On the previous trading day, ETH trading volume showed a red color, indicating an increase in selling pressure.
As demand for ETH declines, buyers are also beginning to lose confidence in the asset. The Relative strength index shows that there are more sellers than buyers on the one-day K-line trend chart, and the closing price is just below the 50 mark.
In addition, ETH fell below the 20SMA line, indicating that the seller controls and promotes the market price momentum. However, with a slight increase in demand, ETH may once again trade above the 20-SMA line.
Consistent with other technical indicators, ETH began to show selling signals on the daily chart. The difference in moving average convergence that measures price momentum and reversal forms a red histogram. This reading corresponds to the selling signal of counterfeit coins.
In addition, the Bollinger bands that measure price fluctuations are far apart, but have begun to converge slightly. He suggested that,
ETH may trade within a specific price range during the following trading period.
On the positive side, there is strong resistance around $1882. If buyers can break through this point again and maintain a higher level, then this may indicate a bullish trend in Ethereum prices.
Ethereum Price Analysis Conclusion
Overall, short-term bearish sentiment dominates the Ethereum market, and prices may continue to be under pressure in the coming hours. The support level of $1842 may be a key level to focus on any potential upward space, and falling below this level may push the ETH token price to a lower level. The technical indicators currently indicate a bearish market, but if buyers try to hold onto the support level, there is still room for a rebound.
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