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- Ethereum price (ETH) is going through a new correction phase.
- The market cap fell by 1.86% to $146.4 billion in the last 24 hours.
- Trading volume soared 27% overnight while the bears were on the offensive.
In the last few days, the price of Ethereum (ETH) has dropped again. Crypto markets are now under selling pressure, with global crypto capitalization falling by 1.66% to $799.87 billion. Following suit, Ethereum’s market cap declined 1.9% overnight to $146.47 billion.
At the time of writing, Ethereum was trading at $1197 per USDT. The bears are in charge of the directional trend, with the daily price candle down 1.21%. The price has even fallen below the $1,200 support level. It returned to the $1,186 support level. The price has created a bottom near $1,185 and is presently integrating losses.
Still the hourly price action shows higher-lows structure since its 45 day’s lower level. If Ethereum price slips below $1150 support level, nearly $1080 level bears may think about short-covering. In addition, the ideological round level of $1000 stood to be a vital demand zone of bulls.
Due to increased selling, the sellers have formed several bullish hurdles near the $1230, $1300, $1350 levels on the short term. Speculators are still confused about the directional view due to the roller-coaster ride. Nevertheless, the trading volume increased by 27% overnight while the bears are aggressively selling ETH tokens.
Over the past several days, the 200-day moving average has acted as a red zone of volatility. Buyers in this area often get high price rejections. Recently, the 50 DMA has declined to the 20 DMA, suggesting that a bearish crossover is nearing soon and could increase selling pressure.
On the daily price chart, the Relative Strength Index (RSI) has declined below the halfway mark. However, buyers are scared after two consecutive red price candles.
Conclusion
Ethereum price is looking weak due to heavy selling pressure. As per the price action, the buyers may feel safe, but traditional technical indicators are focusing on the downside on a daily basis.
Support level – $1150 and $1100
Resistance level – $1300 and $1500
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
