Yesterday, the ETH prices closed under the $1700 mark, indicating a stronger bearish side ready to push the market value down by 15%. Key technical points:
- The ETH market price has fallen 6.45% over the past 24 hours.
- The price action shows a bearish breakdown of a descending triangle pattern.
- The 24-hour trading volume of Ethereum is $17.49 Billion, indicating a hike of 36%.
Past Performance of ETH
The ETH/USD technical chart shows a falling trend gaining momentum after the breakout of the $2200 mark. The selling spree showcases no sign of taking a pause and continues to fall under the influence of a resistance trendline. The trendline makes a descending triangle pattern with a base at the $1700 mark.
ETH Technical Analysis
The technical chart of ETH/USD shows an ongoing downtrend within the descending triangle, with the bottom at $1700. However, the increase in selling pressure forms a bearish candle that can close just under the mark. Moreover, the increase in the trading volume highlighted in the chart shows an enormous influx of sellers, possibly characterized by panic selling. The crucial Simple Moving Averages: 50(red), 100(orange), and 200(black)-days remain in a bearish alignment and declining trend following the recent crossing of the red and orange lines. In addition, it is worth noting that the MACD and signal lines display an uptrend but the bullish spread shrinks and signals the possibility of a bearish crossover. The RSI indicator indicates a declining trend soon to cross the oversold threshold when it crosses below the 14-day SMA, which is represented by the yellow line. Therefore, the technical indicator shows an increase in selling pressure and warns of a bearish continuation in ETH prices.
If buyers fail to reverse the trend shortly, the downfall will result in a 15% market cap depreciation, bringing the Ether market value to $1400. Resistance Levels: $1700 and $1900 Support Levels: $1500 and $1400