Ethereum Slips, What Are The Next Vital Trading Levels For The Coin?
May 28 2022 - 9:00PM
NEWSBTC
Ethereum has slid on its charts again at the time of writing. Over
the last week, the coin lost about 10% of its value. The bears have
strengthened in the market because the buyers have left the market.
Technical outlook of the coin remained bearish and selling pressure
mounted. The coin would continue to remain so over the next trading
sessions. The coin also witnessed a sustained sell-off over the
last 48 hours. Ethereum fell below its long standing support line
of $1900.Over the last 24 hours the coin tried to recover itself
but the bearish price action is still strong at the time of
writing. The bears might be exerting pressure to push the coins
below the price mark of $1700. A fall below the $1700 price mark
will cause ETH to tumble further by another 19%. For the bulls to
take a breather, ETH needs to trade above the $1900 price mark
again. Ethereum Price Analysis: One Day Chart The altcoin was
priced at $1793 at the time of writing. The altcoin has not traded
near this price level in almost in one year now. The altcoin’s
overhead resistance stood at $1900, for bearish pressure to be
invalidated the coin has to attempt trading above the $2200. Local
support for the coin was at $1700 which the coin can trade below if
the bears continue to drive the price action. The volume of the
coin traded decreased and was seen in green. This indicated
positiveness on the chart. Technical Analysis Ethereum was trading
very close to the immediate support level. The coin was trading
below the 20-SMA line which meant that selling momentum was active
and strong. This reading meant sellers were in charge of the price
momentum. In correspondence with the same, the Relative Strength
Index was below the half-line. This meant that the buying strength
was less in the market. However, it can be noted that, there is an
uptick on the RSI which could be a sign that buying strength is
picking up momentum. Chance of a reversal cannot be ruled out
because there is a bullish divergence on the chart (yellow). A
bullish divergence is related to a trend reversal. Related Reading
| Bearish Indicator: Is Bitcoin Headed For Its Ninth Red Weekly
Close? The Awesome Oscillator was still negative on the one day
chart. The indicator is supposed to depict the price momentum, the
red histograms show negative price action. The red histograms also
depict a sell signal on the chart. The Directional Movement Index
also decides the overall price movement, and it showed that -DI was
above the +DI level. The Average Directional Index (Red) was above
the 40 mark, which meant that the current market trend was strong
and the bearishness might continue over the next trading sessions.
Related Reading | Ethereum Profitability Dumps To 2-Year Low As
Price Corrects Below $2,000
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