Ethereum price is showing a tremendous decline from the past few days. At the time of writing, the ETH price has fallen by more than 4% over the past 24 hours of trading. This price drop is expected to put Ethereum into a period of stabilization. Let’s take a look at it in more detail.
Ethereum Price Analysis: ETH in the bearish zone
As mentioned earlier, the Ethereum price dropped by more than 4% over the past 24 hours, dropping into the $260 level. The ETH had attempted to progress, but, it couldn’t defeat the resistance at $277 which made it roll back and drop.
This price decline is because of Bitcoin’s price. The BTC is not showing any progress above the $10,000. Also, ETH failed to break above solid resistance.
Ethereum Price Analysis: ETH price Could face further drop?
On the 1 day chart, the Ethereum price is in a bearish zone below. If ETH fails to cover the $239 support zone, there is a chance of a more substantial drop towards the $208 zone in the short term.
Meantime, the MACD line and the signal line are below zero lines which symbolizes a sell flag.
- Resistance levels: $266, $281, $302
- Support levels: $248, $239, $208
In our previous analysis, we had reported that Ethereum hasn’t been able to set any sort of support levels. As per our analysis, if Ethereum price encounters a pullback, it will be big. In fact, historically, Ethereum has seen the most influential pullbacks right after huge price surges.
Currently, the RSI is at 48.90 points, showing neutral behavior. Moreover, some modification has also occurred between the RSI and price action. This simply symbolizes that the next support level is at 239 USD and if Ethereum price gores pass this support then the next support is at 248 USD.
The moving averages are in the buying zone. The exponential moving average and simple moving average both are in the strong buying zone. The Resistance levels are $200, and $213 while the support levels are $195 and $190. Ethereum has been undergoing a range of updates and hard forks created to enhance the current Proof of Work protocol for a Proof of Stake. These could be the main reasons behind the sudden drop.
- Shiba Inu Price Prediction: How High can SHIB Price reach by 2030?
- Bitcoin (BTC), Ethereum (ETH) Price Analysis
- Ripple Price Analysis: Which way is XRP Price Going?
- Conservative Cardano Prediction for 2023 – How high can Cardano go?
- BTC Price Analysis: Can Bitcoin Price still touch the $13,000 mark?
- Bitcoin Price Prediction
- Bitcoin Price USD Analysis: BTC/USD touched $9300
- Ripple Price Prediction – How High will XRP reach in 2050?
- Chainlink Price Analysis: Where is LINK Price Headed?
- Ethereum Price Analysis: ETH Price Must Stay above $400 mark!
- Crypto Millionaire: Buy THESE Cryptos before they BOOM in 2023?
- Polkadot Price Analysis: Will DOT Price Explode?
- Ripple Price Analysis: What’s Next For XRP Price?
- Is Ethereum Price going up? Ethereum Price Analysis
- Shiba Inu to Reach 1$ soon? This New Upcoming Development Proves it Right
- Ethereum Price Could Be The First to Rebound, Aiming For $400
- KAVA Price Analysis: Binance Project Gains 140% in 30 Days
- XRP Price is about to BOOM if the crypto market recovers! Buy $XRP?
- LINK Price Analysis: Can Chainlink Price Reach $100 End-of-Year?
- DASH Price Analysis: DASH / USD As fast as greased lightning
- Ethereum Price Analysis – Uptrend momentum still going strong
You might also like
More from Ethereum
Will Ethereum price continue to rise or will there be a crash? Let's analyze in this Ethereum prediction for February …
Ethereum price is on the rise! What will happen next? Will Ethereum continue to go up? Let's analyze in this …