The Ethereum price analysis is painting a bleak picture as the token is seeing a downtrend in price. This bearish pressure has been lingering since a few hours before the sudden price drop today. The market bears have taken control of the market, leaving no chances for the bulls to make a comeback. As of now, ETH/USD is sitting at its lowest at $1,814 with a 24 trading volume of $6.25 Billion and a market cap of $218 billion.
The 24-hour Ethereum price analysis is showing signs of a bearish market as the prices continue to decline. With the bulls completely losing their grip on the market, it is difficult to predict if the price will skyrocket or continue to plummet. At the moment, the bears are dominating the market which could cause the prices to hit the bottom level of $1,812 soon. However, if the bulls manage to make an impression, the price can potentially surge to $1,840.
The Moving Averages and the Bollinger Bands reinforce the bearish sentiment as the MA is lower than the current market value. The upper Bollinger Band is at $1,853, suggesting that the prices will be overbought if the market breaches the level. But, the lower Bollinger Band at $1,660 is suggesting that the prices will be oversold if the market goes under it. Moreover, the RSI is at 58.86, indicating that a reversal is highly unlikely at the given moment.
The 4-hour chart sheds some more light on the downtrend. It shows that the bearish momentum is extremely strong as the prices dropped drastically after the overtake by the bears. The bullish sentiments began recovering back to $1,812 but the bearish trend still continues, pointing to the downward trend being substantiated even further.
The hourly Moving Average is currently at the $1,820 level. The Bollinger Bands are getting narrower on the chart which means the price might remain range bound for some time. The RSI – now at 53.30 - is not giving an extreme signal yet, but caution should still be taken as it could sharply go up or down in the coming hours.
Overall, Ethereum price analysis shows that the bears are in dominance at this time. The bulls need to take charge to take the market above $1,840 level. Until then, the trend is highly likely to go south as the bearish momentum is slowly getting stronger.
Wyatt Alvarez
- 2023-04-01
Ethereum Price Analysis – Bearish Pressure since the Sudden Price Drop
Get an in-depth analysis of Ethereum Price and find out why it is seeing a downtrend in price. See what Moving Averages and Bollinger Bands are showing and whether the Bears are in dominance or not.
