ETH Technical Analysis: Bears Revival Soon To Crack $1900
Key technical points:
Past Performance of ETH
In April, the ETH price saw a sudden bearish takeover at $3573, plummeting the market value to $2730. Following the bearish trend, the Ethereum price broke the $2730 level this month, and the rapid selling momentum continued to fall below the $2000 level.
Source-Tradingview
ETH Technical Analysis
The downfall in ETH prices continues despite a couple of bullish attempts to surpass the $2160 mark resulting in a short falling wedge pattern. Furthermore, the recent retracement with higher price rejection warns of a bearish fallout to crack under $1900.
The crucial daily EMAs continue to maintain a falling trend while the spread bearish increases, which provides multiple resistance spots.
Coming to the technical indicators, the RSI slope fails to sustain an uptrend in the nearly oversold zone as it experiences an abrupt increase in selling pressure. Moreover, the Stochastic RSI has the lines K and D that end the upward trend and are ready to gain a bearish spread after the recent merger.
In conclusion, as the sellers regain consciousness, the ETH technical analysis is turning bearish, teasing a fall under $1900.
Upcoming Trend
With the anticipated trendline fallout, a selling opportunity to short ETH will arise as the Ether market value could fall 10% to $1700. However, a lateral shift is possible if buyers project an attempt to hold off the selling spree.
Support Levels: $1900 and $1700
Resistance Levels: $2000 and $2160
