Yesterday, the Ethereum price closed below the $1700 mark, indicating a stronger downward movement that could push the market cap down by 15%.
Key technical points:
- The ETH market price has fallen by 6.45% in the last 24 hours.
- The price trend indicates a bearish resolution of the descending triangle pattern.
- Ether’s 24-hour trading volume was $17.49 billion, up 36%.
Ether’s performance so far
The technical chart of ETH/USD suggests that the downtrend received momentum after breaking the $2,two hundred stage. The selling wave does now not seem to stop and continues to be prompted with the aid of the resistance line. The fashion line forms a descending triangle pattern with the lowest at the $1,700 mark.
Technical analysis of Ethereum
The technical chart of ETH/USD shows a sustained downtrend inside a descending triangle with a low at $1700, however the improved promoting stress has created a bearish candle that could near under this stage. In addition, the increased buying and selling extent highlighted on the chart shows a large inflow of dealers, possibly characterised via panic selling. The key easy shifting averages: 50 (purple), 100 (orange), and two hundred (black) days continue to be in a bearish fashion and downtrend, having currently crossed the pink and orange lines.
Also, observe that the MACD and sign traces are trending up, but the bullish range is narrowing, indicating the opportunity of a bearish crossover. The RSI indicator shows a downward fashion and is about to move the oversold threshold, because it falls underneath the 14-day SMA (indicated by means of the yellow line). As a end result, the technical indicator indicates increased promoting pressure and warns that the ETH fee will continue to decline.
If consumers fail to opposite this fashion within the near future, a decline could result in a 15% marketplace cap depreciation, bringing Ether’s market cap to $1,four hundred.
Resistance levels: $1700 and $1900
Support levels: $1500 and $1400
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