- The bears continue to dominate the Ethereum market, with prices falling by 0.84%.
- To invalidate the current bear dominance, bulls must sweep in.
- As of press time, the price of ETH had tumbled by 0.84% to $1,208.02.
After encountering resistance at $1,222.20, the price of Ethereum (ETH) has been steadily declining over the last 24 hours, retracing to lows of $1,208.02 by 0.84%.
The decline in market capitalization and 1-day trading volume of 0.78% and 30.64%, respectively, to $147,885,939,434 and $6,441,941,911 reinforces this bearish momentum.
ETH/USD 24-hour price chart (Source: CoinMarketCap)
With a reading of -2.28, the Moving Average Convergence Divergence (MACD) forecasts a bullish turnaround as it makes a bullish crossover (crossing above the signal line). However, its movement in the negative territory indicates that the bears are still in control of the market; if the bulls continue to battle, this bear control may be invalidated.
The bullish turnaround on the ETH market is bolstered by the Bull Bear Power (BBP) moving into positive territory with a reading of 0.09. However, the Coppock Curve’s trend in the negative region with a reading of -0.83 dims this light.
ETH/USD 2-hour price chart (Source: CoinMarketCap)
On the ETH 2-hour price chart, a bearish crossover occurs when the shorter MA crosses below the longer MA, with the 5-day MA touching 1207.80 and the 20-day MA touching 1211.19. The price action below both Moving Averages is propping up this negative trend.
With a reading of 49.57, the Stoch RSI suggests a possible bullish reversal because there is equal buying and selling pressure when it reads “50,” denoting that it is neither overbought nor oversold.
ETH/USD 2-hour price chart (Source: CoinMarketCap)
To counteract the bears and the present situation, the bulls must maintain the resistance level and drive prices higher.
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