Ethereum Continues to Display Strength but Still May Be Under Acute Bearish Influence
The post Ethereum Continues to Display Strength but Still May Be Under Acute Bearish Influence appeared first on Coinpedia Fintech News
The Ethereum price achieved levels above $1900, a few hours ago, but failing to sustain caused a notable pullback to the current levels around $1862. The descending price action is expected to continue ahead despite the fact that the token has been manifesting acute strength over the past seven days. While some may consider it as an accumulation of strength but technicals suggest a loss of momentum which may further slash the price toward the lower support.
The second-largest token’s attempt to surpass major resistance at $1920 went in vain as the bulls lost their grip in no time. However, the ETH price continues to trade at the resistance but flashing fewer chances of a bullish breakout. Mainly due to the reason that the bulls are failing to create buying pressure that may make the job simple for the bears.
The ETH price is holding above the interim support at $1845 for over seven days and hence appears to be self-assured of a notable upswing. Unfortunately, the price has formed a similar pattern as it formed during the April highs which led to a massive drop. Moreover, the RSI is also bearish which indicates that if the price fails to hold the interim support, then it may drop towards the next target at $1758. However, if it fails to hold here, a notable plunge to drag the prices towards the lower support of the triangle below $1700.
Presently, the ETH price is trading at break-even prices of around $1865.31, while the major support is around $1840. A minor rebound may be expected at these levels, but if the losses continue to prevail, the price may lose the $1800 mark soon. However, the RSI and MACD in the short term are bearish, while major resistance still lies around $1900. Hence, the price movement on either side may decide the next plan of action for the Ethereum (ETH) price that continues to trade under the bearish influence.
Filed under: Bitcoin - @ June 28, 2023 7:10 am