Ethereum (ETH) currently seems to be experiencing a downtrend in terms of its price. Ethereum’s data from TradingView shows that its price has experienced a 3.05% dip in the past 24-hours. If the analysis period is increased to the past 7-days, it shows that its price has plunged 5.46%.
As a result of the plunges, the price of ETH is now down to $3,783.45 per ETH. Even in the past 30-days, ETH’s price has continued dipping, having observed an 11.80% dip. Due to the constant plunging, ETH is now experiencing a downtrend, meaning it is in the bearish zone.
The current sentiments of the investors are in the bearish zone. In the upcoming days, it is expected that ETH’s price may continue dropping and it may go all the way down to the third strong support mark.
The data from TradingView shows that at the moment, the investors are highly likely to sell ETH than hold onto them. At the moment, the investors have strong selling sentiments for ETH than buying them.
The performance graph for ETH shows that the sell:neutral:buy ratio for ETH is represented by figures that are 13:9:4. It is a clear indication that the overall sentiments of the investors are bearish and they may side with selling ETH in the upcoming days.
In the upcoming days, the bears may increase selling pressure to pull ETH’s price all the way down to the 200-day SMA ($3497.03 per ETH). However, the bears will have to increase their selling pressure, moving their sales into the large scale selling zone.
This would help bears launch a strong rally against the bulls and pull ETH’s price even lower. If the selling spree goes on for a few days and ETH’s price continues dropping, the bulls may lose their confidence. When that happens, the bulls may start selling ETH, resulting in a mass-selling activity. If that happens, then the price of ETH may drop all the way down to $3,197.75 per ETH.
In a positive case, the bulls may succeed in increasing their buying power enough to create a bullish trend. This way, the bulls may be able to increase the buying power for ETH and push it over the $4,105.61 (1st strong resistance) mark.
Although the bulls will be faced with strong resistance, they may continue increasing their buying power in order to accumulate more ETH. This would help bring the price of ETH all the way up to the $4,569.81 (second strong resistance) mark.
From that point, the bulls may be able to launch a strong rally and may be able to push the price of ETH all the way up to the $4,892.89 (third strong resistance) mark.