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Ethereum Price Analysis: Will the Second Largest Cryptocurrency ETH Sustain above $1000?

Ethereum price is trading with strong bearish momentum over the daily price chart. The prominent crypto asset falters to gain support from buyers and slumps significantly. Bitcoin, the largest dominator of the cryptocurrency market, has slipped below $25000 level and is trying to gain support. Now the second largest after Bitcoin which is Ethereum(ETH) has also plummeted. Ethereum investors need to wait for any directional change as ETH coin falters at the psychological level of $1000 and it has to maintain itself above it to prolong its dignity in the cryptocurrency market. This bear market kept on haunting the cryptocurrency investors as the fear to greed index also showcases the extreme fear situation among the investors. 

Ethereum price is presently CMP at $1184 and has lost 2.94% of its market capitalization in the last 24-hour period. However, trading volume has slightly increased by 5.26% in the intraday trading session. This shows that buyers are still involved in the trade for ETH and they are still bullish over the token. They do believe in the second largest cryptocurrency and the most successful Ethereum ecosystem. Volume to market cap ratio is 0.2809.

Ethereum Price Analysis: Will the Second Largest Cryptocurrency ETH Sustain above $1000? 3 Source: ETH/USD by TradingView

ETH coin price is trading inside a strong bearish rally and is under strong influence of bears. The crypto asset falters to gain support from buyers and is rallying bearishly over the chart. The token must accumulate buyers to avoid falling below $1000 psychological level. However, volume change can be seen above average and in the favor of bears. This shows that ETH witnessed strong selling pressure in the last few trading sessions. ETH must attract more buyers to sustain above the psychological level of $1000.

Will ETH bulls Sustain or get Detained?     

Ethereum Price Analysis: Will the Second Largest Cryptocurrency ETH Sustain above $1000? 5 Source: ETH/USD by TradingView

Ethereum(ETH) coin must accumulate more buyers in order to avoid falling below the $1000 psychological level. Technical indicators suggest the downtrend momentum of Ethereum coin. Moreover, supertrend confirms the bearish rally of ETH coin over the daily price chart. Relative Strength index showcases that ETH is being oversold. RSI is at 21 and ETH investors can expect any directional change as soon as RSI returns from the oversold territory.

MACD exhibits the bearish momentum of ETH coin. The MACD line is below the signal line after a negative crossover. 

Conclusion

Ethereum price is trading with strong bearish momentum over the daily price chart. The prominent crypto asset falters to gain support from buyers and slumps significantly. Now the second-largest after Bitcoin which is Ethereum(ETH) has also plummeted. Ethereum investors need to wait for any directional change as ETH coin falters at the psychological level of $1000 and it has to maintain itself above it to prolong its dignity in the cryptocurrency market. Technical indicators suggest the downtrend momentum of Ethereum coin. RSI is at 21 and ETH investors can expect any directional change as soon as RSI returns from the oversold territory.

Technical Level

Support Levels: $1000 and $900

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.  


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