Ethereum (ETH) Price Watch: Bears Back in the Game!


Ethereum Price Key Highlights

Ethereum took a break from consolidation to confirm that the bears returned to pushing the lowest price.

Technical Indicator Signals

The 100 SMA is below the 200 longer-term SMA to indicate that the path of least resistance is downward. In other words, the sale is more likely to continue rather than reverse. The gap between the two was slightly reduced, however, indicating a possible slowing of sales pressure.

The RSI is still heading south, so there may be some downward momentum. However, the oscillator is also plunging into oversold territory to reflect the exhaustion. Going back you could bring the buyers back again.

The stochastic has more room to slip so that sellers can keep control a little longer before the overdone conditions are seen. This could be enough to stimulate a long-term plan test or perhaps even a lower breakdown.

  ETH / USD Chart from TradingView

ETH / USD Chart from TradingView

Market Factors

Ethereum is officially trading at its lowest level in over a year since almost all of the cryptocurrency market is in the red . The decline was attributed to Goldman Sachs' decision to forgo its bitcoin trading plans, easing the outlook for institutional interests. This also weighs on optimism for bitcoin ETF applications pending the SEC ruling.

It does not help the expected launch of future ethereum even to weigh on prices, just as did the launch of futures for bitcoins. In addition, analysts' forecasts were less bullish on ethereum than other competitors such as bitcoins and Monero, so traders could move funds there.

Source link