Today's Ethereum market is not showing any signs of recovery as the price decreases in threat of a bearish trend. The ETH token opened today to a rather disappointing start as it journeyed southwards to its current value of $1,875. The lack of a market reversal confirms that the bears are indeed in control, with the support level of $1,857 proving to be useless.

The presence of bearish incumbents is obvious on the price charts, with all 24 hour candlesticks settling into a deep crimson red. In concordance, the market cap fell to around $225 billion, a 1.24 percent decrease. Furthermore, 24 hour trading volume totals to about $8,545,648,586, whilst a significant fall of 17.54 percent.

The MACD indicator also reveals growing bearish momentum as it crosses under the signal line in the daily charts. Likewise, the Bollinger Bands are converging which symbolizes a period of lower volatility. The upper Bollinger stands at $1,892 and the lower is at $1,698. The RSI on the other hand is at 61.30, suggesting that the market might soon enter the overbought region.

The situation becomes even murkier when the same market is observed at a four-hour interval. The presence of bearish pressure was seen towards the end of the previous session and continued as the day progressed. All of the current candlesticks are red, indicating extended bearish trend. The price level remains below the moving average, which stands at 1,892. The RSI is currently at 55.16, a sign of the market entering the neutral zone.

In conclusion, traders must wait and see if the Ethereum price will hold its current position or suffer further losses in the near future. Although the support level is currently active, the price could go down further unless a market reversal happens. Meanwhile, traders should also seek out other predictions regarding XDC, Cardano, and Curve.



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