ethereum price. hungry bears. newsbtc ethereum price news. Ethereum can be seen trading with a bearish bias below 0.0021BTC as bitcoin arrests its decline and aims for a bounce-back . Further strengthening of bitcoin will result in more pain for the Ethereum longs. Ethereum is currently at 0.00204BTC. ethereum price chart Let us conduct technical analysis on the 4-H ETH-XBT price chart to predict the future movements in the pair.
Chart Structure – If we look at the last 10 candles, it can be seen that Ethereum has been trading in a narrow range of 0.0020-0.0021BTC. The consolidation may continue for the next 48 hours, but a breakout might occur by the end of the week.
Moving Average – The 100-4h simple moving average is acting as a strong cap for the pair. The current value of the SMA is 0.0021BTC.
Bollinger Bands – At 0.00204BTC, Ethereum is in close vicinity to the upper range of the BB at 0.0021BTC. This strengthens 0.0021BTC as the pressure point.
Momentum – The Momentum indicator has erased all the gains as bulls face consistent selling pressure. The latest Momentum value is 0.0000.
Money Flow Index – The MFI is sustaining near 64.2453; a reference to the ongoing consolidation.
Relative Strength Index – The RSI does not offer any clue as it remains relatively flat for the last 8 candles. At 49.8718, it also reflects the sluggish movement in Ethereum. Readings close to 50 suggest that the market conditions favor neither the bears nor the bulls.
Conclusion The sideways action in Ethereum is expected to end soon. Even though the future direction is still unclear, there is a strong bearish control on this pair. The rising momentum in bitcoin is also expected to keep ETH-XBT under pressure.Market participants are advised to short the […]
