- Investors have gradually accepted lower prices over time to exit Ethereum, and the currency, located within a short-term declining trend channel, indicates increasing pessimism among investors, signaling further declines for Ethereum.
- The currency has broken the support level at 1640, indicating a potential for further decline. Volume has been high at previous price peaks and low at price troughs, weakening the downtrend and suggesting an early signal of a potential trend reversal.
- The current Ethereum price is $1,561, with a 24-hour trading volume of $5,290,828,253. Ethereum has experienced a 0.31% decrease in the last 24 hours.
Ethereum price is on a downward trend due to selling pressure in cryptocurrencies: Will ETH continue to decline? Current analysis!
Short-Term ETH Analysis
Investors have been willing to accept lower prices over time to exit Ethereum, and the currency is currently in a short-term downtrend channel, indicating increased pessimism among investors and suggesting further declines for Ethereum. The currency is testing the support level at 1,580. It might react positively, but a drop below 1,580 would be a negative signal. The currency is viewed as slightly negative in the short term from a technical perspective.
Medium-Term ETH Analysis
Investors have been willing to accept lower prices over time to exit Ethereum, and the currency is in a medium to long-term downtrend channel. This indicates increased pessimism among investors and suggests further declines for Ethereum. After breaking below the support at 1,806, the currency experienced a strong decline following a negative signal. The target at 1,649 has been met, but the formation suggests further downside.
The currency has broken the support level at 1,640, which suggests further declines. Volume has been high at price peaks and low at price troughs. This could weaken the downtrend and might be an early signal of a trend reversal. The currency is viewed as negative in the medium term from a technical perspective.
Long-Term ETH Analysis
Ethereum has broken the floor of the long-term rising trend channel, initially indicating a slower upward pace. The currency is moving within a rectangular formation between the support at 1,408 and the resistance at 2,197. A clear break above or below these levels will indicate the new direction for the currency. The currency has broken the support level at 2,000, suggesting further declines. Ethereum is technically considered negative in the long term.
Ethereum Price
The current price of Ethereum is $1,561, with a 24-hour trading volume of $5,290,828,253. Ethereum has experienced a 0.31% decrease in the last 24 hours. According to the current CoinMarketCap ranking, Ethereum holds the 2nd position with a market capitalization of $187,771,862,576. There are 120,250,550 ETH tokens in circulation, and the maximum supply is not available.
