Ethereum is moving below the long-stretching downtrend line with the current price of $1447. The traders recently took the price to the resistance point of $2031; after that, the token turned and continued to decline. There was immense selling pressure on August 26 as the price declined significantly.
The ETH price moving in a horizontal range shows that neither the bulls nor the bears are able to take a major price action. The MACD line has been below the Signal Line, and the histogram shows red candles indicating a bearish trade. The RSI recently turned from its overbought zone, and the indicator being 36 currently may head towards the oversold zone. What should you expect for your investment in ETH? Read our Ethereum predictions to know!
Once the price of Ethereum continues to fall, it may head towards its lows of $1003. The price has suppressed the up-trend line, and as the bearish candle closes below the up-trend line, a bearish momentum can be expected. There is a supportive volume in favor of bears as the price closes below the horizontal line of $1705.
The ETH price has been moving upwards during the past few weeks; however, the previous week’s candle showed a huge decline as the candle closed below the trend line. There was a formation of a bearish engulfing pattern on the weekly chart at the resistance point from where the ETH token showed a turnaround.
There is a need for additional buyers for a bullish trend, and the bulls need to show positive sentiments for an up-trending market. The technical parameters on the weekly chart of Ethereum are currently neutral, bearish investors can expect a descending price action, and the bullish traders should wait for a turnaround point.