Will the Ethereum (ETH) Price Remain Under the Control of Bears?

• The ETH token price is trading at $1592.
• The token chart reflects the bears’ dominance over the price.

Ethereum is a decentralized open-source blockchain that was officially launched in 2015. It has a native crypto asset, known as Ether (ETH). It serves as a platform for the execution of decentralized smart contracts as well as numerous other cryptocurrencies. 

Ethereum (ETH) Coin: Technical Analysis

In the 1-day chart of the ETH coin, the price was trying to sustain above the $1649.17 level for almost the last 6 months. Recently, at the start of September month, the price gave the breakdown of the $1647 level and is currently sustaining below it.

The price seems to be falling inside a narrow parallel channel and it is consolidating in a range of $1649.17 to $1548.79. ETH coin’s price has formed many indecision candles in the last 5 trading sessions. As long as the price is trading below the $1649 resistance, the bears’ control over the price will continue.

If the ETH coin price gives the breakdown of the $1548.79 support, it can continue its fall in higher low and lower lows formation inside the parallel channel. It can continue its fall to its historical support zone at $1366.67.

The bullish sentiment will be possible if the buyers reclaim the $1649.17 level. The price will initiate an uptrend to its uppermost resistance at $1824.19.

Technical Indicators on the Current Trend

The ETH price is trading below 50-day, 100-day, and 200-day EMAs, indicating the stronghold of bears and domination over the price. 

The relative strength index is below the 50 level and has more space for the RSI to slope in the downward direction. That indicates the ETH coin price is in bearish sentiment and could fall as the RSI is indicating more room for bears on the downside to make the price fall.

The volume bar of the coin has declined, showing weakness in the price movement. The Bollinger Band has also contracted showing the low volatility in the market.

Conclusion

The ETH chart is showing bearish sentiment at the time of writing. The price has recently given the breakdown of the $1647 level and is trading below it. Token’s price is currently consolidating inside a narrow range of $1649.17 to $1548.79.  If it gives the breakdown of the $1548.79 support, it can continue its fall to its historical support zone at $1366.67.  

However, for the ETH price to be in bullish sentiment, the buyers must reclaim the $1649.17 level. Thus, the crypto asset’s value can rise to its uppermost resistance at $1824.19.

Technical levels

Resistance Levels: $1649.17 and $1824.19.

Support Levels: $1548.79 and $1366.67.

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.