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- Ethereum price is trading with a significant downtrend momentum over the daily price chart.
- ETH crypto slump below 20, 50, 100 and 200-days Daily Moving Average.
- The pair of ETH/BTC is CMP at 0.05364 BTC with an intraday loss of 0.94%.
The price of Ethereum, the second-largest cryptocurrency after Bitcoin, is attempting to climb above the consolidation phase’s upper trendline. To achieve its breakthrough, the token still needs to draw in more buyers. As the accumulation period draws near, bears are now pushing the ETH currency lower. ETH investors should keep an eye on the daily price chart for any trends that change. There must be more buyers for the token to exist after the accumulation phase. The ETH cryptocurrency still has to find additional customers and avoid falling into the hands of short-sellers in order to tumble below lower range. However, ETH may fall below the consolidation phase as it is currently trading with strong downtrend momentum over the daily chart.
Ethereum’s market value, which is at $1021 and has dropped 4.65% over the last day, is now worth less than that amount. The volume of trades increased by 26.10 percent during the intraday trading session. This illustrates the volume of ETH trades occurring on the current negative cryptocurrency market. The volume to market cap ratio is 0.1258.
A horizontal range bound zone has surrounded the price of Ethereum on the daily price chart. The price of the second-most popular cryptocurrency has remained unchanged between $1020 and $1300. The coin needs to entice new investors if it is to disseminate and emerge beyond the consolidation stage. ETH coin has seen harsh conditions during the current bear market, much like other cryptocurrencies. The bears are continually trying to trap ETH in order to keep it within the range. Volume change, which is currently below normal, must increase for ETH prices to rise.
Will ETH bulls Sustain or get Detained?
In order to get past the consolidation stage, the price of the ETH token must attract more purchasers. To advance toward the upper range of the horizontal range-bound area, the token must amass support.
Technical Indicators suggest the downtrend momentum of ETH coin. Relative strength Index showcases the downtrend momentum of ETH coin. RSI is at 34 and is heading for oversold territory. MACD exhibits the bearish momentum of ETH coin. The MACD line is approaching the signal line for a negative crossover.
Conclusion
The price of Ethereum, the second-largest cryptocurrency after Bitcoin, is attempting to climb above the consolidation phase’s upper trendline. To achieve its breakthrough, the token still needs to draw in more buyers. As the accumulation period draws near, bears are now pushing the ETH currency lower. ETH investors should keep an eye on the daily price chart for any trends that change. There must be more buyers for the token to exist after the accumulation phase. The bears are continually trying to trap ETH in order to keep it within the range. Volume change, which is currently below normal, must increase for ETH prices to rise. Technical Indicators suggest the downtrend momentum of ETH coin. The MACD line is approaching the signal line for a negative crossover.
Technical Levels
Support Levels: $1000 and $990
Resistance Levels: $1103 and $1200
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
