- Ethereum price is trading with downtrend momentum over the daily price chart.
- ETH Crypto is trading at 20, 50, and 100-days DMA and is still below 200-day Daily Moving Average.
- The pair of ETH/BTC is at 0.07576 BTC with an intraday drop of 3.10%.
Ethereum price has been trading with strong downtrend momentum from the last two trading sessions. ETH crypto has been trading through some interesting patterns over the daily price chart. At first, ETH crypto carved a head and shoulder pattern and went into a symmetrical pattern over the chart. ETH coin price went into a head and shoulder pattern after the rally of 26th July. Then it experienced short-selling as it dumped a little to gather support and rise back to sketch a head and shoulder pattern. Then after making the second shoulder at $1760 the token got stuck inside a symmetrical triangle pattern. Ethereum, the second largest cryptocurrency after Bitcoin, must gain support from buyers in order to register its breakout from the symmetrical triangle pattern. It’s a matter of time to see if the ETH coin gathers support before $1550 or if its slumps below the triangle pattern.
The pair of Ethereum cryptocurrencies is presently approximated at $1614 and the cryptocurrency has lost 7.49% of its market capitalization in the last 24-hour period. However, trading volume increased by 25.92% in the intraday trading session. This demonstrates that the cryptocurrency is experiencing short-selling pressure but bulls are trying to reverse the trend to let the token surge towards the upper trendline. The volume to market cap ratio is 0.09871.
Ethereum cryptocurrency must accumulate buyers in order to surge back towards the upper trendline of the symmetrical triangle pattern. As the volume change suggests the bearish pressure is exceeding its limit and bulls are now on the job to gripple the cryptocurrency in their favor. To change the game of tug of war between the bulls and bears, bulls must skyrocket their accumulation and ETH must experience buyers instead of selling throughout the intraday trading session.
Will ETH Bulls be able to Reverse the Trend?
ETH crypto must accumulate buyers in order to surge towards the upper trendline for its breakout. ETH investors need to wait for any directional change over the daily price chart. Technical indicators suggest the downtrend momentum of the ETH coin.
The relative Strength Index showcases the downtrend momentum of the ETH coin. RSI is at 47 and is breaking down towards the oversold territory. MACD exhibits the bearish momentum of the ETH coins. The MACD line is about to cross the signal line for a negative crossover.
Conclusion
Ethereum price has been trading with strong downtrend momentum from the last two trading sessions. ETH crypto has been trading through some interesting patterns over the daily price chart. At first, ETH crypto carved a head and shoulder pattern and went into a symmetrical pattern over the chart. ETH coin price went into a head and shoulder pattern after the rally of 26th July. Then it experienced short-selling as it dumped a little to gather support and rise back to sketch a head and shoulder pattern. Then after making the second shoulder at $1760 the token got stuck inside a symmetrical triangle pattern. To change the game of tug of war between the bulls and bears, bulls must skyrocket their accumulation and ETH must experience buyers instead of selling throughout the intraday trading session. Technical indicators suggest the downtrend momentum of the ETH coin. The MACD line is about to cross the signal line for a negative crossover.
Technical Levels
Support Level: $1550 and $1480
Resistance Level: $1760 and $1800
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
