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Amid increasing uncertainty in the cryptocurrency market, the price of Ethereum (ETH), the largest altcoin, continues to move horizontally between $1,827 and $1,790. The altcoin’s price shows attempts to exceed or fall below the range, indicating a narrow range formation on the daily chart. Under the influence of the formed wedge model, Ethereum’s price is expected to move downward in the short term.
Ethereum Price Analysis
Ethereum is trading at $1,793, recording a 1.7% decrease during the day. The price of the largest altcoin signals a break below the $1,790 support, which could trigger another drop, allowing sellers to maintain trend control with today’s decline.
If the daily candle closes below the $1,790 level, suppressed selling pressure could emerge and pull the price down by 5%, resulting in the testing of the lower trend line of the falling wedge formation. In theory, if the price exceeds the resistance trend line of this formation, an upward trend is expected.
A possible retest of the lower trend line of the falling wedge formation by the price could reverse the decline, triggering a rise and initiating a new recovery movement within the formation. However, the ongoing decline in the ETH price could continue until the expected breakout from the resistance trend line of the falling wedge formation occurs. Therefore, for Ethereum to rise, the price needs to rise above the general trend line.
Currently, the sequential resistance levels for the ETH price are at $1,830 and $1,940, while the sequential support levels are at $1,790 and $1,700.
What Do Technical Indicators Say for ETH?
The falling blue Moving Average Convergence Divergence (MACD) and the orange signal line predict a continuous downward trend in Ethereum’s price. Along with all these, a potential fall between the 20 and 50-day Exponential Moving Averages (EMAs) could result in increased selling pressure on the price.
