Ethereum (ETH) Bears Succeed to Drive Prices Down by 2.61%

• During the past day, sellers have dominated the Ethereum (ETH) market
• Ethereum experience resistance level at $1,272.69
• ETH price dipped by 2.61% to $1,249.2  in the last 24-hours

After a brief uptrend, bears gain control of Ethereum (ETH) after breaching the $1,272.69 level. The price of ETH has fallen by 2.61% in the previous 24 hours, with the pair now trading at $1,230.15 at press time.

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The Ethereum market’s downward trend is strengthened by a 2.86% dip in market capitalization to $150,526,521,658. This bear trend is reinforced by a 10.22% rise in market capitalization to $6,052,309,595 since falling prices on increasing volume suggests a negative trend.

ETH/USD 24-hour price chart (source: TradingView)

The Moving Average Convergence Divergence (MACD) line is below the signal line (yellow line), which suggests that a bearish control is getting stronger. This present MACD reading of -3.53 indicates that market players expect the current gloomy mood to endure for the foreseeable future since it is trending downward. The fact that the histogram is in negative territory increases the probability that this trend will continue.

With a score of 37.13, the Relative Strength Index (RSI) is getting close to the “oversold” level, which means that bears are getting stronger. The relative strength indicator is now below the signal line, indicating a negative trend for Ethereum’s price. This predicts that bears will continue to exercise market influence in the near future.

Bear strength is rising in the ETH market, with readings below the “25” threshold, but the Average Direction Index (ADX) points to the upside with a reading of 17.29, indicating that investors are attempting to fix the market, which might lead to a positive trend in the near term. 

With the top band at 1300.05 and the lower band at 1225.80, the Bollinger Bands are broadening. This BB activity suggests that selling pressure is intensifying, causing investors to flee the market because of worries that the Ethereum price might drop drastically. In the short term, these levels serve as immediate resistance and support for the price of ETH.

The True Strength Index is below the signal line with a rating of -9.7032. This TSI movement into the negative area shows that bears are in control of the market. If bulls don’t step in soon, bearish sentiment could last for a while.

In conclusion, the technical indicators suggest that the current downward trend in ETH price will persist in the near future.