One thing that is quite clear from the current movement is that the ETH price is still stuck below the $2,400 resistance level. The area acts as an upper limit that suppresses the price, so ETH continues to move in a fairly difficult consolidation phase.However, when viewed in a broader framework, the structure looks less convincing. The price movement pattern is pointing towards an ascending channel, and in conjunction with the sharp decline that occurred in January, this formation is starting to resemble a bearish continuation pattern. This is certainly not the signal that bullish market participants want to see.
As such, Ethereum price analysis is now highlighting the possible follow-up scenarios of the pattern. If the bearish pattern is completely confirmed, the downward pressure could take ETH to the area as low as $1,500. A number of technical indicators have not given much peace of mind.MACD just formed a bearish cross, RSI dropped below the 50 level, AO started to show bearish tendencies, while CMF has been moving down since the mid-March peak and is now near the neutral area with the risk of going into the negative zone.
This is not yet a sure signal of a sharp fall, but it is certainly not strong enough to build market
ETH
2,059.82
+2.60%
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