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- 1 Ethereum price (ETH) fell nearly 10% in the past month.
- 2 Ethereum price (ETH) fell below the 50-day EMA and struggled to hold $1600 support.
- 3 The price prediction illustrates that the Ethereum price might slip below the $1300 level.
Ethereum price fell 10% in the last month and formed a bearish pattern. It lost the bullish momentum near the $2000 level and witnessed a sharp selling after the breakdown of the exponential moving average of 50-day EMA.
The daily chart illustrates the formation of the bearish crossover of EMAs after which the price declined sharply below the $1700 level. Ethereum price currently trades above the $1600 level and struggles to hold above the recent support support.
The price trend favors a bearish trend and trading in a channel pattern with sellers dominating at the rise. The price has slipped below 50 and 200-day EMA indicating a bearish sentiment in the market.
Ethereum is one of the leaders in the crypto market with a dominance of 18.5%; which is the second highest after Bitcoin. The ETH crypto holds a market cap of $196 Billion with an increment of 0.54% in the last 24 hours.
Ethereum Price Prediction Shows Weakness Over the Daily Chart
The ETH price may crash to a lower level as the bears are dominating the market. The price could not sustain above the key moving average 50-day EMA indicating the weakness in the crypto in the short term. The analysts are bearish over the price trend in the short term and the price might crash below $1300.
Also, the volume analysis shows that the volume received is less than the average volume indicating the weakness in the market. The ETH token has received a $4.6 Billion volume in the past 24 hours which is nearly 17.1% less than the last day.
The ETH price may keep sliding down until it gets enough buyers to sustain at the lower levels and counter the selling pressure.
ETH Price Forecast: What the Indicators are Showing?
As per the EMA analysis, the ETH price could not sustain above the 50 and 200-day EMA suggesting the weakness on the daily charts. The EMAs might act as a resistance if the price nears it.
At the time of writing, RSI shows recovery after entering an oversold region indicating the dominance of sellers in the market at the moment. MACD lines have made a bullish crossover. Histogram bars are being formed above the mean line with negligible height indicating that the bearish trend may continue to prevail in the short term.
Conclusion
Ethereum price dropped 10% in a month and formed a bearish pattern. It broke below the 50-day EMA and the $1700 level. It trades above $1600 but faces selling pressure. The price trend is bearish and the volume is low. The price may crash further if it does not find enough buyers to support it. The analysts are bearish over the price trend and the price might crash below $1300.
Technical Levels
- Support levels: $1501.74 and $1418.18
- Resistance levels: $1726.31 and $1790.61
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
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.
