Ether Current Price Losing Bullish Regime A Bears Take Control

Ethereum Price Analysis
  • Ether current price performed with a negative momentum on Friday’s trading session
  • Ether current price is $1204.04, which is down by 2.14% in last the 24 hours and 2.60% down from the previous week
  • ETH/BTC pair also performs positive with a gain of 4.59% in Friday’s trading session (0.037678)
Source: Coinmarketcap

Ether current price had negative momentum on the weekly chart and went up to $1432.30 on January 19, 2021, by breaking above the resistance zones created in the past. DOT price set up a mark of 52-week high with the help of overall market conditions. The DOT/BTC pair is in an uptrend with a value of 4.59% in Friday’s trading session (0.037678).

Ether Technical Chart Indicates Bearish Momentum

Source: TradingView

The technical chart of Ether current price highlights a negative trend due to overall market conditions on Friday’s trading session. The price is currently sitting at $1204.04, with a resistance zone of $1324.16, following the support zone of $1014.50. On diving into the weekly chart of a 30-minute time frame, it forms a bearish engulfing candlestick pattern, indicating the bears have overwhelmed the bulls and are now in control.

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The Volume indicator of value (52.463K) reflects a moderate buying volume in the coin with the overall market’s help. We can further see a decrease in buying volume in the next few trading sessions.

MACD indicator (Bearish), no bullish crossover signal line is spotted on January 22, 2021, during the trading session indicates a sell signal in the coin and also denotes massive red bars in the Histogram.

Meanwhile, the RSI indicator (Bearish) with a value of 46.02 indicates a sell signal in the coin. It may soon move towards the neutral zone if buying increases in the coin.

Conclusion 

Ether current price is down by 2.14% on Friday’s trading session. The price is below both the EMA may recover for a while till the 20 EMA of $1243.13. If it sustains above both the EMA, it can move towards the resistance, and one can further expect a bullish trend in the coin till the resistance level of $1324.16, but if it slips below it may fall towards the support level of 1014.50 in the upcoming trading sessions.

Resistance: $1324.16

Support: $1014.50

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Nikhil Ingolehttp://themarketperiodical.com
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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