Ethereum price tried to rise on its daily chart at the time of writing. Over the last 24 hours, ETH rose by 2%, price action continues to be mundane.<\/p>\n
In the last week, the Ethereum price fell by 21%. Technical indicators pointed towards continued bearishness.<\/p>\n
Buying strength declined substantially, which has pushed the price of Ethereum closer to its immediate support line.<\/p>\n
If buyers do not defend the closest support line, then Ethereum could head for a further decline on its one day chart.<\/p>\n
For the bearish thesis to be invalidated, ETH has to hop past several resistances. Selling dominance can further push the altcoin down.<\/p>\n
With the price of major market mover Bitcoin declining on its respective chart, most altcoins have followed suit.<\/p>\n
ETH has to move past the $2000 price level for the bearish thesis to be invalidated. ETH bulls are required to defend $1,200 price zone or else ETH could free fall to the $1,000 price level.<\/p>\n
Ethereum Price Analysis: One Day Chart ETH was trading for $1,360 at the time of writing. Ever since Ethereum touched the $1,800 price mark, the bulls could not sustain themselves and caused the asset to tumble further.<\/p>\n The closest support line for the coin stood at $1,200. It is crucial for demand to shoot up for buyers to hold onto the $1,200 price mark because a fall from that level could make ETH touch $1,000.<\/p>\n Resistance for the altcoin was at $1,560, moving past which there could be a ceiling at the $1,800 price level. If ETH manages to break past $2,000, then the bearish thesis could be invalidated.<\/p>\n The amount of Ethereum traded in the last session depreciated, signalling an increase in selling pressure.<\/p>\n Technical Analysis ETH continued to slip south owing to a lack of demand at the time of writing. Indicators have also depicted bearishness on the chart.<\/p>\n The Relative Strength Index was pictured below the half-line, and that meant excess selling pressure compared to buying strength in the market.<\/p>\n That was a sign of less demand for Ethereum at the time of writing.<\/p>\n The Ethereum price was seen below the 20-SMA as demand fell for the coin. It meant that sellers were driving the price momentum in the market.<\/p>\n Ethereum displayed sell signal on the one day chart | Source: ETHUSD on TradingView<\/a><\/p>\n The altcoin had displayed a sell signal at press time, indicating that there could be further bearishness.<\/p>\n The Moving Average Convergence Divergence displays the price direction and the market momentum.The MACD underwent a bearish crossover, which led to the formation of red signal bars, signifying sell signal for ETH.<\/p>\n Bollinger Bands that indicate price volatility and fluctuation also pointed towards an incoming price change as the bands widened at press time.<\/p>\n Featured image from Pixabay, Chart: TradingView.com<\/a><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Ethereum price tried to rise on its daily chart at the time of writing. Over the last 24 hours, ETH rose by 2%, price action continues to be mundane.<\/p>\n In the last week, the Ethereum price fell by 21%. Technical indicators pointed towards continued bearishness.<\/p>\n Buying strength declined substantially, which has pushed the price of Ethereum closer to its immediate support line.<\/p>\n If buyers do not defend the closest support line, then Ethereum could head for a further decline on its one day chart.<\/p>\n For the bearish thesis to be invalidated, ETH has to hop past several resistances. Selling dominance can further push the altcoin down.<\/p>\n With the price of major market mover Bitcoin declining on its respective chart, most altcoins have followed suit.<\/p>\n ETH has to move past the $2000 price level for the bearish thesis to be invalidated. ETH bulls are required to defend $1,200 price zone or else ETH could free fall to the $1,000 price level.<\/p>\n Ethereum Price Analysis: One Day Chart ETH was trading for $1,360 at the time of writing. Ever since Ethereum touched the $1,800 price mark, the bulls could not sustain themselves and caused the asset to tumble further.<\/p>\n The closest support line for the coin stood at $1,200. It is crucial for demand to shoot up for buyers to hold onto the $1,200 price mark because a fall from that level could make ETH touch $1,000.<\/p>\n Resistance for the altcoin was at $1,560, moving past which there could be a ceiling at the $1,800 price level. If ETH manages to break past $2,000, then the bearish thesis could be invalidated.<\/p>\n The amount of Ethereum traded in the last session depreciated, signalling an increase in selling pressure.<\/p>\n Technical Analysis ETH continued to slip south owing to a lack of demand at the time of writing. Indicators have also depicted bearishness on the chart.<\/p>\n The Relative Strength Index was pictured below the half-line, and that meant excess selling pressure compared to buying strength in the market.<\/p>\n That was a sign of less demand for Ethereum at the time of writing.<\/p>\n The Ethereum price was seen below the 20-SMA as demand fell for the coin. It meant that sellers were driving the price momentum in the market.<\/p>\n Ethereum displayed sell signal on the one day chart | Source: ETHUSD on TradingView<\/a><\/p>\n The altcoin had displayed a sell signal at press time, indicating that there could be further bearishness.<\/p>\n The Moving Average Convergence Divergence displays the price direction and the market momentum.The MACD underwent a bearish crossover, which led to the formation of red signal bars, signifying sell signal for ETH.<\/p>\n Bollinger Bands that indicate price volatility and fluctuation also pointed towards an incoming price change as the bands widened at press time.<\/p>\n
\nEthereum was priced at $1,360 on the one day chart | Source: ETHUSD on TradingView<\/a><\/p>\n
\nEthereum noted less buying strength on the one day chart | Source: ETHUSD on TradingView<\/a><\/p>\n
\nEthereum was priced at $1,360 on the one day chart | Source: ETHUSD on TradingView<\/a><\/p>\n
\nEthereum noted less buying strength on the one day chart | Source: ETHUSD on TradingView<\/a><\/p>\n