ETH price analysis: ETH losing lower support amid weak price action near $1,810
3 min readTL;DR Breakdown
- ETH price analysis confined within a tight range near $1,819
- For the third consecutive time this week, ETH – ether’s native cryptocurrency – opened with a negative move.
- Market forces continue to increase the selling pressure behind ETH.
- Buying the dip right now looks like a good idea.
ETH price analysis continue to decline and may be ready for a bounce. Ether peaked at $1,928 but has remained within the falling price trend line. It is visible that ETH is being pressured at $1,820.75, indicating a possible low soon.
The ETH/USD pair may not have good momentum as the asset seems to continue its downwards journey. With buyers delaying purchases, it’s beginning to look fatigued and stressed in the ETH/USD charts.
The ETH movement is all set to go down between $1,808 and $1,720 as per ETH price analysis. The price of ETH changes quite a lot, depending on the day. Pay attention to the latest cryptocurrency news to keep up-to-date on any good opportunities.
There are no favorable tailwinds for the ETH/USD pair at the moment, which means nothing to lift the sentiment.
ETH price movement in the last 24 hours: Stagnation amid uncertainty
A mixed start to the day saw ETH trade all over the place in early morning trading, with prices climbing out of a $1,965.35 intraday high before reversing and dropping back into that price range.
ETH slipped to late-morning trading at $1,850.15 and ETH price analysis shows further decline on the way.
ETH fell below its first significant support level of $1,852 before briefly revisiting the $1,940 levels. Despite the significance of yesterday’s gains, ETH dipped into negative territory and remained there for most of the day.
Early on, ETH’s price never reached major support or resistance levels while still below the recent highs. ETH needs to move through the $1,898 pivot before it makes its first significant resistance level of $1,945 come into play.
For ETH to climb back up to $1,900 levels, support from the broader market is needed. If the current rally in cryptocurrencies does not last, then it will be capped at $1,965.35 as that is the first major resistance level and Friday’s high as per ETH price analysis.
ETH/USD 4-hour chart: Symmetrical triangle formation
In the case of a broad-based crypto rally, ETH could potentially test its second major resistance level at $2,013.
If we do not price above $1,898, then the first primary support level is $1,830. However, traders must avoid coming close to $1,700 and ETH remains stable there.
Historically, support levels have provided a stopgap for the market. Historical data suggests that multiple supporting levels may act as a barrier to downside volatility.
ETH price analysis is moving into indecision territory, printing candlesticks that reflect uncertainty. The traders are sitting on the fence, and it may cause a shift in upper price action. The ETH/USD pair does not surprise upwards movements, even on small timeframe charts.
The ETH/USD pair is tilting towards a symmetrical triangle pattern on the daily chart, which further indicates a stagnating trend in the short term. The lower boundary of the triangle is supporting the price at the bottom.
ETH price analysis conclusion: Moving towards lower support at $1,800
There may be an indication of a bounce courtesy of the Momentum Reversal Indicator (MRI). The pair is likely to move towards the 38.2% Fibonacci extension level, where the $2,067 resistance awaits the pair.
Those who still want to see ETH prices go higher should not let the hype around this bullish momentum lead them to lower their expectations.
If ETH discovers support here, the bulls may expect to reach the upper boundary of the symmetrical triangle. Besides the SMA, there is also the 61.8% Fibonacci extension situated here.
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.
