After the bulls failed climb above $195 resistance, the Ethereum price has fallen into a bearish trend. The price of the ETHUSD pair is currently trading at $186 and there are potential downsides.
Technical Analysis of Ethereum Price
Yesterday, August 26, Ethereum’s price was in a bearish trade, trading below the Exponential Moving Averages (12 and 26 EMAs). The Ethereum price moved up towards the $195 resistance but did not gain bullish momentum. The market dropped below the $192 support level and $190 support levels. Today’s bearish trend continues as Ethereum fell significantly to $186 support level, where a breakout pattern has formed.
Ethereum price could revert to the $180 support level if the bearish trend below $186 continues. The upside is that if there are more buyers, the market will rise towards the $195 resistance. The Moving Averages Divergence Divergence ( MACD) and signal lines are both below the zero line, which signals a sell signal.
Short-term Analysis of ETHUSD Prices
The 1-hour chart shows that the ETHUSD price is in a bearish zone. Yesterday, ETH bulls were resisted below the $195 price level. The price of ETHUSD dropped to a low of $186 yesterday. The crypto’s price is also below the 12-day and 26-day EMAs. This is an indicator of potential downsides below $185 and $180 support levels. The MACD line and signal lines are both below the zero line, which is a sell signal.
Resistance levels: $190, $195 and $200
Support levels: $186, $180
Arathur Stephen has not been registered with any state or federal regulatory agency as an investment advisor. This information should not be considered investment or trading advice. It is not intended to solicit or recommend any cryptocurrency purchase, sale, or holding. This information is provided solely for educational and informational purposes. Before you make any investments, always seek the advice and supervision of a licensed professional.