Ethereum price is moving sideways between the $1,700 and $1,600 levels. Currently, Ethereum is firmly at the $1,400 support line. In the last 24 hours, the price of Ethereum has lost over 4%.
The charts look bearish – and the technical outlook is pointing in the same direction. For the bulls to get back on the platform, Ethereum price must scale above the $1,745 ceiling.
If ETH manages to break through $1,745 and stay above this level, a revisit to $2,000 is unlikely.
The buyers left the market and the coin sold on its chart four times. Ethereum price could trade near $1,300 if sellers dominate the market.
Over the past week, Ethereum has seen positive price action, but the bulls have failed to sustain the momentum. The Ethereum price is also likely to have a significant impact on The Merge upgrade due in September.
With this software upgrade, the token transitions from a Proof-of-Stake (PoS) consensus to a Proof-of-Work (PoW) consensus. This renders mining useless as validators are responsible for securing the new network.
Ethereum: The 4 hour chart
ETH is trading at $1,590 on the four hour chart. Currently, the base has managed to hold above the $1,500 support line. If the number of sellers exceeds the number of buyers, the price of Ethereum could drop to $1,300 soon.
Over the past week, the coin has been bouncing between $1,700 and $1,600. The immediate price resistance for ETH was $1,745. To bring back the bulls, it is important for ETH to move above this level.
Local support for the medal was $1,471. Pressure could push the price of Ethereum as low as $1,300. The amount of Ethereum being traded remained low. This indicates the bearish position as sellers have returned to the chart.
The altcoin has felt the effects of selling as indicators are pointing to negative price action. The Relative Strength Index was below the halfway point – the sellers have taken over the market.
Continued selling pressure will cause Ethereum to continue to depreciate significantly. Ethereum price trades below the 20 SMA line – a level considered bearish. This means that the sellers determine the price dynamics in the market.
Other ETH indicators agree with the decrease in buying pressure. As Ethereum price extended its losses, the coin showed a sell signal on its chart. The Moving Average of Convergence shows the direction of the price and its change.
The MACD has crossed over, making red histograms a sell signal for the coin. The Parabolic SAR shows the current market trend. The value indicates that the trend is down as the dotted lines of the indicator are above the candlestick.
Text credit: Newsbtc
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