Ethereum Price Still On The Decline, Can Buyers Defend This Price Level?
2022年9月21日 - 01:00PM
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Ethereum price tried to rise on its daily chart at the time of
writing. Over the last 24 hours, ETH rose by 2%, price action
continues to be mundane. In the last week, the Ethereum price fell
by 21%. Technical indicators pointed towards continued bearishness.
Buying strength declined substantially, which has pushed the price
of Ethereum closer to its immediate support line. If buyers do not
defend the closest support line, then Ethereum could head for a
further decline on its one day chart. For the bearish thesis to be
invalidated, ETH has to hop past several resistances. Selling
dominance can further push the altcoin down. With the price of
major market mover Bitcoin declining on its respective chart, most
altcoins have followed suit. ETH has to move past the $2000 price
level for the bearish thesis to be invalidated. ETH bulls are
required to defend $1,200 price zone or else ETH could free fall to
the $1,000 price level. Ethereum Price Analysis: One Day Chart ETH
was trading for $1,360 at the time of writing. Ever since Ethereum
touched the $1,800 price mark, the bulls could not sustain
themselves and caused the asset to tumble further. The closest
support line for the coin stood at $1,200. It is crucial for demand
to shoot up for buyers to hold onto the $1,200 price mark because a
fall from that level could make ETH touch $1,000. Resistance for
the altcoin was at $1,560, moving past which there could be a
ceiling at the $1,800 price level. If ETH manages to break past
$2,000, then the bearish thesis could be invalidated. The amount of
Ethereum traded in the last session depreciated, signalling an
increase in selling pressure. Technical Analysis ETH continued to
slip south owing to a lack of demand at the time of writing.
Indicators have also depicted bearishness on the chart. The
Relative Strength Index was pictured below the half-line, and that
meant excess selling pressure compared to buying strength in the
market. That was a sign of less demand for Ethereum at the time of
writing. The Ethereum price was seen below the 20-SMA as demand
fell for the coin. It meant that sellers were driving the price
momentum in the market. Related Reading: ETH Backpedals After
Hitting $1,800 Ahead Of Merge Last Week The altcoin had displayed a
sell signal at press time, indicating that there could be further
bearishness. The Moving Average Convergence Divergence displays the
price direction and the market momentum.The MACD underwent a
bearish crossover, which led to the formation of red signal bars,
signifying sell signal for ETH. Bollinger Bands that indicate price
volatility and fluctuation also pointed towards an incoming price
change as the bands widened at press time. Related Reading:
Ethereum Proof Of Work (ETHW) Gains 30%, Is More Upside Coming?
Featured image from Pixabay, Chart: TradingView.com
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