At the current moment, Ethereum's price is in the middle of bearish pressure as buyers do not have sufficient strength to push the altcoin above its immediate resistance level. To recoup losses, Ethereum needs considerable participation from buyers to compete with sell-side pressure. Technical indicators such as the RSI and Awesome Oscillator have already dropped below their respective half-lines, suggesting a potential downtrend towards its key support levels. Given that Bitcoin's price also dropped down to its support level, Ethereum needs for its big brother to start a short-term recovery before the altcoin takes off. To defend itself from an even further fall, Ethereum has to hold on to $1,740 at the very least. Unless substantial buy-side participation takes place soon, the primary support level at $1,540 could be breached.
Parker Kelly
- 2023-05-12
Ethereum Needs Buyers to Compete with Sell-Side Pressure
Ethereum is currently in bearish pressure and needs considerable participation from buyers to compete with sell-side pressure. Technical indicators such as the RSI and Awesome Oscillator have already dropped below their respective half-lines, which suggests a potential downtrend towards its key support levels.
