Ethereum price analysis is dictating a sudden decrease in price after an already rising bearish trend. The bearish momentum that is increasing is likely to be seen in the near future, as the bulls remain sluggish at this point. The bulls were currently in control of the market a few days before the price drop in today’s trading.
If the bears keep up their momentum, then ETH/USD can possibly go down to $1,530 in the near future. However, also if the bull can put up enough pressure ETH/USD can possibly go up to $1,623 where it was last the previous day. The current price of ETH/USD is at $1,550 which is a 4.35% decrease from the previous close of $1,614. The bulls have been unable to defend their position, allowing the bears to take over and drive prices lower.
Cryptocurrencies price heat map, Source: Coin 360
Most other cryptocurrencies are also in the bearish zone, with Bitcoin (BTC) falling below the $23,000 level. This could be causing a lot of pressure on Ethereum. The markets seem to be in a bubble and any break of support can lead to further losses for Ethereum. The market cap has decreased by about 4% from the previous day, indicating that there is not much trading activity in the market currently. The bulls need to step up their efforts if they want to defend their position against the selling pressure created by the bears.
ETH/USD 1-day price chart: Price goes down to $1,550 after bearish drift
The daily Ethereum price analysis shows a downward trend for the market as the selling momentum remained high during the day. The bears have successfully tackled unfavorable circumstances as the bullish current has been disrupted. The price is now at $1,550, and further devaluation is to follow if the selling activity experiences a further rise.
ETH/USD 1-day price chart: TradingView
The price is currently below both of these moving averages, indicating a bearish trend for the market. The MACD is currently above the signal line which is also a bearish indication. The RSI is at 76.50 which denotes that there is no strong sentiment either way in the market, as it remains closer to being neutral.
Ethereum price analysis: Bearish curve demotes coin value below the $1,500 level
The four-hour Ethereum price analysis supports the bears as the price has covered a downward movement in the past few hours. The descending curve confirms a bearish trial as red candlesticks mark the hourly price chart. The short-term trending line is also moving in the bearish direction now. On the other hand, the moving average mentioned in the four-hour price chart stands at $1,574.
ETH/USD 4-hour price chart: TradingView
A crossover between the SMA 20 curve and the SMA 50 curve was reported earlier, but now it seems that the trends are shifting toward the sellers. The MACD needs to remain above the signal line for a bearish trial, and currently, it is below the signal line. The RSI shows that there is no strong sentiment either way as it stands at 45.88.
Ethereum price analysis conclusion
Overall Ethereum price analysis indicates that the bears are in control of the market and could push prices lower if the bulls do not put up enough resistance against the selling pressure. Also, the price is below both of the moving averages and the MACD is also below the signal line giving further evidence of a bearish outlook for ETH/USD in near future.
This article has been originally published at: https://www.cryptopolitan.com/ethereum-price-analysis-2023-01-25/