TL; DR Breakdown
- Ethereum price is expected to fall to $2,100 support
- The closest support level lies at $2,200 and further below at $2,100
- ETH faces resistance at the $2,300 and further above at the $2,400 mark
Ethereum price action has failed to break above the $2650 mark and has fallen back to below the $2200 mark. While the price currently holds just above the $2190mark, the bearish pressure at press time is very strong, and the price may fall further if the selling continues.
The broader cryptocurrency market observes a bearish sentiment across the last 24 hours, with most major cryptocurrencies recording a loss across the timeframe. Main currencies which had a loss include Ripple’s XRP and BNB that record an 8.68 and a 5.99 percent decrease, respectively. At the same time, few cryptocurrencies such as DOGE, Solana, and USDC recorded bullish momentum.
Technical indicators for ETH/USDT
Across the technical indicators, the MACD is bearish, as represented by the red histogram. However, the indicator has been showing a declining bearish momentum in recent hours as the Ethereum price finds support at the $2,200 level. Across the EMAs, the 26-EMA still trade above the 12 EMA, and the difference between the two is significant.
The RSI is currently trading in the neutral zone a little below the 44.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past week. At press time, the RSI has again had a small spike towards the overbought region suggesting the buyers are fighting back.
The Bollinger bands are currently wide and will expand in the future due to the presence of dark green candlesticks. The bands’ expansion suggests an increase in volatility for the Ethereum price. Meanwhile, as the price is consolidating below the bands’ mean line, the price may show a bearish reversal at any time.
Overall the 4-hour technical analysis issues a sell signal with 13 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only three indicators issue a buy signal suggesting bullish momentum. Meanwhile, ten indicators sit on the fence, issuing no support for either side of the market.
The 24-hour technical analysis does not share this sentiment and issues a weak buy signal, with nine of the 26 indicators issuing support for the bulls against eight suggesting a downwards price movement. Meanwhile, nine indicators remain neutral and do not issue any signals at the time of writing.
What to expect from Ethereum price?
Traders should expect Ethereum price to fall back to the $2100 support level after the recent rejection at the $2300 mark. The price action set up a higher low yesterday, but as ETH failed to climb past $2300, the bearish pressure would cause the support level to crumble. The negative short-term technical indicators and the mixed technical analyses suggest a drop to the $2100 mark with further downwards movement unlikely.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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