Ethereum price analysis is pointing to a continuation of bearish activity in the market, with ETH/USD has dropped to the $1,557 level. The market has been following a strong bearish trend for the past few days, and there appears to be no immediate end in sight. The downtrend has been confirmed by the ETH/USD pair breaking below the $1,600 level. The next support level for the pair is $1,551. If the bears can continue to push the price lower, we could see Ethereum drop all the way to $1,500 in the near future.
The bearish sentiment in the market has been driven by increasing regulatory pressure from governments and regulators around the world on cryptocurrencies. This is causing a lot of uncertainty for investors and traders alike, leading to selling pressure in the markets. The market cap for Ethereum has now dropped to $190 billion, which is lower than the market cap for the previous day, while the trading volume for Ethereum remains fairly low at $4.45 billion.
Ethereum price analysis 1-day price chart: ETH/USD tumbles to 1,557 after the bearish turn
The 1-day price chart for Ethereum price analysis shows the downward price movement of the ETH/USD pair. Although the coin gained significant value during the past week, today, some damaged damage has been noted in the coin’s value as bears are at lead. ETH is trading hands at $1,557 at the time of writing with a 0.56 percent decline in the last 24 hours.
Talking of the moving average (MA), its value is present below the price level at the $1,613 mark as the SMA 20 is still trading below the SMA 50 curve. The volatility is also high as the Bollinger bands still cover more area, with the upper band located at the $1,734 mark while the lower band is located at the $1,527 mark. The Relative Strength Index (RSI) signals that Ethereum price analysis is currently facing major selling pressure, as the RSI is currently located at the 43.71 level, which is in the oversold zone.
ETH/USD 4-hour price chart: Price travels low as selling momentum renews
The 4-hour price chart for Ethereum price analysis shows the price breakout was downwards today, and the price is still on a decreasing trend. Bulls haven’t shown up yet, and the bearish activity has been going on during the last four hours as well, as the price decreased to $1,557. The bearish breakout has also broken out of the SMA 20 line and currently trading well below the SMA 50. The Moving Averages Indicator displays a bearish crossover, with selling pressure increasing.
The volatility on the 4-hour chart is still low as the Bollinger bands are positioned far apart from each other. The upper band is located at the $1,676 mark while the lower band is located at the $1,518 mark. The Relative Strength Index (RSI) signals that Ethereum price analysis is currently under selling pressure, as the RSI is currently located at the 33.94 level.
Ethereum price analysis conclusion
The Ethereum price analysis shows the coin price has decreased today, and the price function has been downwards up till now. The price has been headed downwards in the last 24- hours as well, and chances are for the price to move further down. However, a change in trend can not be completely ruled out as the bearishness has been quite high.