Ethereum has fallen below its $1,600 support level and has displayed bearish sentiment on the chart. Broader market weakness has also contributed to Ethereum\u2019s current price action.<\/p>\n
Bitcoin had fallen to the $20,000 price mark and altcoins depicted similar price movements.<\/p>\n
Ethereum over the last 24 hours depicted some minor appreciation on the chart. The altcoin\u2019s technical outlook remained bearish.<\/p>\n
Buying strength had fallen over the past two days and at press time the coin \u2018s movement was dominated by sellers.<\/p>\n
Continued selling pressure can pull ETH to the $1,100 price level before it starts to pick up momentum again.<\/p>\n
In case the bulls find their way back into the market, ETH might continue to consolidate on its chart and then try to rise.<\/p>\n
Buying strength also has to recover significantly for Ethereum to invalidate the bearish thesis. Over the last week, Ethereum lost 4% of its market value.<\/p>\n
Ethereum Price Analysis: Four Hour Chart<\/p>\n
\u00a0<\/p>\n
Ethereum was priced at $1472 on the four hour chart | Source: ETHUSD on TradingView<\/p>\n
ETH was exchanging hands at $1472 at the time of writing. After Ethereum witnessed a sharp fall, it tried to recover slowly but bearish pressure was still strong in the market.<\/p>\n
Overhead resistance for the altcoin was at $1,542 and a current fall in price will drag ETH to $1,260.<\/p>\n
For bearish thesis to be negated Ethereum has to trade above the $1,600 price mark for longer than a few trading sessions. If buying strength doesn\u2019t display consistency then Ethereum can fall to $1,100 in just a matter of time.<\/p>\n
The volume of ETH traded in the last session rose which indicated that buying strength struggled to move north on the chart.<\/p>\n
Technical Analysis
\nEthereum pictured recovery in buying strength on the four hour chart | Source: ETHUSD on TradingView<\/p>\n
The altcoin over the last 24 hours registered some increase in price, although technical outlook was bearish, buying strength tried to recover.<\/p>\n
The Relative Strength Index was below the half-line but over the last trading sessions, there was an uptick in the indicator.<\/p>\n
This meant that buying strength was recovering on the four hour chart.<\/p>\n
Despite the recovery, the price of the altcoin was below the 20-SMA line, a reading below the 20-SMA line points towards sellers driving the price momentum in the market.<\/p>\n
Related Reading | Shiba Inu Whales Trading Volume Surges 640% As SHIB Holds Critical Support<\/p>\n
Ethereum displayed sell signal on the four hour chart | Source: ETHUSD on TradingView<\/p>\n
The fall in price can be directly tied to a sell signal. The Moving Average Convergence Divergence depicts price momentum and reversals in the same.<\/p>\n
MACD underwent a bearish crossover and flashed red signal bars which are tied to sell signal for the coin.<\/p>\n
Directional Movement Index presents price direction and where the coin is headed next. DMI was negative as the -DI line was above the +DI line.<\/p>\n
The Average Directional Index (Red) was below the 20 mark which meant that the current price action was losing steam.<\/p>\n
Related Reading | TA: Ethereum Recovery Faces Major Hurdle, Risk of Fresh Decline Exits<\/p>\n
Featured image from UnSplash, chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Ethereum has fallen below its $1,600 support level and has displayed bearish sentiment on the chart. Broader market weakness has also contributed to Ethereum\u2019s current price action.<\/p>\n
Bitcoin had fallen to the $20,000 price mark and altcoins depicted similar price movements.<\/p>\n
Ethereum over the last 24 hours depicted some minor appreciation on the chart. The altcoin\u2019s technical outlook remained bearish.<\/p>\n
Buying strength had fallen over the past two days and at press time the coin \u2018s movement was dominated by sellers.<\/p>\n
Continued selling pressure can pull ETH to the $1,100 price level before it starts to pick up momentum again.<\/p>\n
In case the bulls find their way back into the market, ETH might continue to consolidate on its chart and then try to rise.<\/p>\n
Buying strength also has to recover significantly for Ethereum to invalidate the bearish thesis. Over the last week, Ethereum lost 4% of its market value.<\/p>\n
Ethereum Price Analysis: Four Hour Chart<\/p>\n
\u00a0<\/p>\n
Ethereum was priced at $1472 on the four hour chart | Source: ETHUSD on TradingView<\/p>\n
ETH was exchanging hands at $1472 at the time of writing. After Ethereum witnessed a sharp fall, it tried to recover slowly but bearish pressure was still strong in the market.<\/p>\n
Overhead resistance for the altcoin was at $1,542 and a current fall in price will drag ETH to $1,260.<\/p>\n
For bearish thesis to be negated Ethereum has to trade above the $1,600 price mark for longer than a few trading sessions. If buying strength doesn\u2019t display consistency then Ethereum can fall to $1,100 in just a matter of time.<\/p>\n
The volume of ETH traded in the last session rose which indicated that buying strength struggled to move north on the chart.<\/p>\n
Technical Analysis
\nEthereum pictured recovery in buying strength on the four hour chart | Source: ETHUSD on TradingView<\/p>\n
The altcoin over the last 24 hours registered some increase in price, although technical outlook was bearish, buying strength tried to recover.<\/p>\n
The Relative Strength Index was below the half-line but over the last trading sessions, there was an uptick in the indicator.<\/p>\n
This meant that buying strength was recovering on the four hour chart.<\/p>\n
Despite the recovery, the price of the altcoin was below the 20-SMA line, a reading below the 20-SMA line points towards sellers driving the price momentum in the market.<\/p>\n
Related Reading | Shiba Inu Whales Trading Volume Surges 640% As SHIB Holds Critical Support<\/p>\n
Ethereum displayed sell signal on the four hour chart | Source: ETHUSD on TradingView<\/p>\n
The fall in price can be directly tied to a sell signal. The Moving Average Convergence Divergence depicts price momentum and reversals in the same.<\/p>\n
MACD underwent a bearish crossover and flashed red signal bars which are tied to sell signal for the coin.<\/p>\n
Directional Movement Index presents price direction and where the coin is headed next. DMI was negative as the -DI line was above the +DI line.<\/p>\n
The Average Directional Index (Red) was below the 20 mark which meant that the current price action was losing steam.<\/p>\n
Related Reading | TA: Ethereum Recovery Faces Major Hurdle, Risk of Fresh Decline Exits<\/p>\n
Featured image from UnSplash, chart from TradingView.com<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-4303","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/4303","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=4303"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/4303\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=4303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=4303"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=4303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}