Ethereum price is in a bearish trend after the bulls failed to climb above the $195 resistance level. The price of ETHUSD pair is now trading at the $186 level and it seems like there could be more downsides.
Ethereum Price Technical Analysis
Yesterday, August 26, the price of Ethereum (ETH) was in a bearish trend, trading below the 12 and 26 Exponential Moving Averages (EMAs). Ethereum price corrected upside towards the $195 resistance level but failed to gain bullish momentum. As a result, the market fell below the $192 and $190 support levels. The bearish trend continued today as the price of Ethereum dropped significantly to reach $186 support level where a breakout pattern is forming.
On the downside, if the bearish trend continues below the $186 support level, Ethereum price will revisit the previous $180 support. On the upside, if more buyers emerge, the market will climb towards the $195 resistance level. In the meantime, the Moving Averages Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
ETHUSD Price Short-term Analysis
On the 1-hour chart, ETHUSD price is in a bearish trend zone. Yesterday, ETH bulls were resisted at the $195 price level and the price of ETHUSD fell to a low at $186. Also, the crypto’s price is below the 12 and 26-day EMAs, which is an indication of more possible downsides below the $185 and $180 support levels. In the meantime, the MACD line and the signal line are below the zero line which indicates a sell signal.
Resistance levels: $190, $195, $200
Support levels: $186, $180
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.