ETH risks falling to $ 1500 if the declining mood increases (Ethereum price analysis)
ETH risks falling to $ 1500 if the declining mood increases (Ethereum price analysis)
The price movement of Ethereum has been very restless in the past few weeks after it has been rejected by considerable resistance. However, there are several levels that offer support and could hold the price in the event of a deeper pullback.
technical analysis
from: Edris
the daily -type
on the daily chart, the price was rejected in early February by the $ 1,800 mark and the upper border of the large symmetrical triangle pattern. Since then it has fallen under the sliding 50-day average, which is around $ 1600 mark.
The price currently consolidates under the broken MA and has to show an impulsive movement after the declining outbreak. If the cryptocurrency fails to recapture the broken sliding 50-day average, the sliding 200-day average, which tends around the level of $ 1400, could be the next support, closely followed by the static zone of $ 1300.
On the other hand, an outbreak over the sliding 50-day average would probably lead to a possible outbreak via the symmetrical triangle and at short notice to an upward movement. Tradingview
The 4-hour diagram
If you look at the 4-hour time frame, it is obvious that the price fluctuated in a very tight range after an impulsive rejection of the resistance brand of $ 1650. $ 1500 seems to be tested at short notice, and if you cannot hold the market, the price could fall towards the next support area, which is around $ 1350 mark.
The RSI indicator also moves sideways, but still shows values below 50 %, which indicates the declining momentum and further increases the probability of a declining continuation in the coming days.
Tradingview
mood analysis
Ethereum Taker Buy Sell Ratio (SMA 100)
Since Ethereum's price has consolidated under significant resistance levels in the past few weeks, it would be helpful to evaluate the mood at the appointment market in order to gain further findings about what the market would do next.
The Taker Buy Sell Ratio is one of the most useful key figures to achieve this, as it measures whether the bulls or the bears are currently performing their trades more aggressively. Values over one indicate a dominant purchase pressure, while values under 1 are associated with a negative mood.
This key figure has been down in the past few weeks, which indicates that the purchase pressure on the appointment market is subsiding, and the latest consolidation of the price movements also confirms this interpretation.
Nevertheless, the metric is currently approaching the threshold of 1, and a decline among it would mean that the bears have control again, which could lead to a drop in the price in the coming weeks if this trend continues.
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