Greetings! In this article, I will go over my technical analysis I did today and explain what indicators were notable and future potential scenarios of the Ethereum price action.
1.53k-1.45k downtrend confirmed?
During the past couple of days, Ethereum has been on a constant downside trajectory. Recently, we had a small bounce and rejection from the 20 EMA (Which is currently still lower than the 50 EMA) support level on the daily time frame. While this may seem very small, I will go into the other technical indicators to provide a better perspective of why this small rejection affirmed my belief of lower targets of 1.53k-1.45k for Ethereum.
4-hour time frame:
In the four-hour time frame, the RSI is relatively neutral, which means that the next move can be of any kind. However, while the MACD is also relatively neutral like the RSI, it is currently forming a bearish cross, which means that Ethereum can potentially go down towards the nearest support level, which is 1.6k or perhaps even 1.57k. Furthermore, due to the bearish cross forming in a relatively neutral green zone, this means that the bearish move is going to be very minor, which means that it is unlikely that Ethereum won't dip further than 1.6k-1.57k if it does go towards the downside.
24-hour time frame:
In the 24-hour time frame, Ethereum looks even more bearish. The RSI is at neutral territories, however, the MACD is nearly at a bearish cross, which does indicate a dump within the next few days/weeks. Additionally, the Ethereum price has recently been rejected from the 20 EMA support now flipped resistance, which means that Ethereum did not have enough bullish momentum to reclaim lost support levels. All of these indicators indicate Ethereum going towards the low 1.5k levels within the next week or so.
Weekly time frame:
In the weekly time frame, the MACD's near formation of a bullish cross is coming apart, which is a very bearish indicator of further downside. Furthermore, the RSI, while at neutral territories, is still under strong RSI resistance, which means that without strong bullish momentum, Ethereum cannot seek higher price targets. Unfortunately, as shown with the rejection of the daily 20 EMA, Ethereum currently has very little bullish momentum. Additionally, the Ethereum price has been rejected from the 20 EMA, however, found support on the 200 EMA. While this may seem like Ethereum will stay above the 200 EMA, looking at the RSI, it is likely that Ethereum will go below the 200 EMA as well and re-test the 1.5k support level.
Conclusion:
In conclusion, looking at all of these indicators in all of these different time frames, Ethereum is currently set to hit lower price targets due to the lack in bullish momentum and the sheer amount of resistance levels in both the price and weekly RSI.
