ETH Declines to $1,814 After Bearish Momentum

Ethereum’s price has been on a bearish trend, which has intensified over the past few days. The bears have been slowly taking control of the market, with the bulls struggling to take charge. The Ethereum price analysis suggests that the bearish momentum will continue, with a possible drop in the near future to $1,812, while a rise is possible if the bull pressure picks up to $1,840.

At the time of writing, Ethereum’s token was down by 0.34% and trading at $1,814. The 24-hour trading volume was also on the decrease and currently at $6.25 billion, while the market cap remained at $218 billion.

The 24-hour Ethereum price analysis indicates that there is bearish activity in the market, which has caused a decline in prices. The bulls and bears are fighting for control, and it’s difficult to predict which way the market will move. Currently, the bearish sentiment is more prominent, with the bulls having lost their grip on the market. It is unlikely that they will be able to regain their strength anytime soon.

The Moving Average (MA) value is currently at $1,775, which is still above the SMA 50 curve, giving hope to buyers. Although, the decreasing volatility is giving an opposite signal as per the Ethereum price analysis. The Bollinger bands are converging, with the upper Bollinger band at $1,853 and the lower Bollinger band at $1,660, which suggests that the price will remain range-bound in the near future. The Relative Strength Index (RSI) is at the level of 58.86, indicating that ETH/USD will not reach any extreme levels soon.

On the four-hour Ethereum price analysis chart, a slight takeover has occurred, intensifying the bearish momentum. The price has dropped significantly, and support has since appeared, with the price slightly recovering back to $1,812 during the last few hours. However, the trend line is currently going towards the negative side.

The hourly moving average (MA) is currently at the $1,820 level, just near the current market price. The Bollinger bands are narrowing, with the upper band at $1,838 and the lower band at $1,777. The RSI indicator has also lowered and is currently trading at an index of 1,820.

Overall, the Ethereum price analysis suggests that the market is trading sideways, with the buyers and sellers struggling to take control. The trend line is currently heading towards the negative side, suggesting that the bears are prevailing. The buyers need to gain some strength and push back the price above the $1,840 level.

In conclusion, the Ethereum price analysis needs to be watched closely as the bearish sentiment continues to dominate the market. However, in the near future, a rise is still possible if the bulls can pick up the pace and put pressure on the market. The analysts suggest waiting for Ethereum to move further and keeping an eye on XDC, Cardano, and Curve.


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