Ethereum bulls struggle to maintain key levels as the bears aim to push the price down to $ 3,500
Ethereum‘s failure to break the all-time high of $ 4,380 quickly pushed the price back into support. Despite the correction, it looks like ETH will fall much lower if the short-term bearish momentum persists.
Major support levels: $ 4,000, $ 3,500
Key Resistance: $ 4,380
Ethereum is currently testing critical support at around $ 4,000. If this level is not held, ETH can fall to the nearest support at $ 3,500.
On Thursday, the course was heavily rejected after a failed attempt to break the ATH levels. This resulted in an instant drop down resulting in a red wick that is bearish.
Another concern for the cops is the dual leadership. This setup is bearish and occurs when the asset doesn’t break through the same peak twice in a row.
Technical indicators for ETH prices
Trading volume: Ethereum volume has fallen since the ETH price was rejected on Thursday. This shows that the bulls have lost interest and the bears are currently in control of the price.
RSI: The RSI is falling over the daily timeframe, suggesting that this downward correction may continue. However, it is too early to make a decision as the medium and long term momentum remains very bullish.
MACD: The histogram hits a lower high in the daily time frame. This is a warning sign that the uptrend could reverse in the short term. However, the MACD moving averages are still in an uptrend and a bearish crossover seems a long way off for now.
The price of Ethereum is approaching the top of the triangle as seen on the chart (in blue). Hence, it is possible that there will soon be a break in both directions. Bulls have held daily and weekly closings above $ 4,000, but pressure is mounting from the bears looking to bring ETH down to $ 3,500.
You can see the ETH price here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Cryptopotato