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- 1 Ethereum crypto price is currently trading at $1704.7 with a drop of -0.04% in the last 24 hours with a current market cap of $204.824 Million.
- 2 Ethereum crypto price decreased by -8.17% over the last month.
The price action of Ethereum showed that selling pressure was noted on the charts and was in a downtrend, forming lower lows over the past few months. Moreover, due to declining trading volume. Furthermore, Ethereum showed a decline in user activity which also reacted as a negative sentiment for the crypto and led to bearishness in the charts.
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What Charts Tell About ETH?
The ongoing trend favors bears, and the crypto was also in a corrective phase, which made buyers cautious. Moreover, Ethereum trades below the significant moving averages and tries to attain the 50-day EMA to hold the gains.
At the time of writing, the Ethereum price is trading at $1704.8, showing a bounce from the lower trendline near the support mark of $1600.00. Moreover, the intraday trading volume decreased by 61.70% to $4.5 Million and the market cap is $204.908 Million.
ETH has had a good performance over the years. Year-to-date it gave positive returns of 42.61% and 8.59% in the span of 6 months. In the last 1 month, it gave a negative return of -8.59% and 1.48% in the last seven days indicating fluctuations in price in recent times.
Technical Analysis of Ethereum Crypto Price in 1-D Timeframe
At the time of publishing, Ethereum crypto (ETH) is trading below the 50 and 200-day SMAs (Simple moving averages), which does not support the price trend.
The current value of RSI is 44.66 points. The 14 SMA is above the median line at 31.73 points which indicates that the Ethereum crypto is bearish.
The MACD line at -36.8 and the signal line at -44.9 are above the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the ETH crypto price.
On the 4-hour chart, the Ethereum price is stuck in a narrow range and does not signal an upcoming rise because of low volume levels. Moreover, a key indicator is still in the neutral range and does not signal bullishness.
The RSI curve is near 59, in the neutral range, and showed a narrow consolidation move on the short-term charts. The MACD indicator still showed green bars on the histogram with a bullish crossover but did not signal any substantial upswing.
Summary
Ethereum (ETH) technical oscillators also support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the ETH crypto price. Ethereum price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment.
Technical Levels
- Support Levels: The most immediate support levels for the Ethereum crypto price are $1702.9 and $1501.3.
- Resistance Levels: The most immediate resistance levels for the ETH are $1981.2 and $2106.1.
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in crypto involves risk. Please assess your situation and risk tolerance before making any investment decisions.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
