Ethereum Sees Downward Shift as Technical Analysis Signals Bearish Outlook

The cryptocurrency market is never static, and #Ethereum on the 4-hour chart provides a vivid picture of recent fluctuations. Based on the latest technical data, Ethereum has shown a downward trend in its closing prices, moving from $2,950.99 down to $2,890.52 over the last few sessions.

Examining the moving averages, the 9 Exponential Moving Average (EMA) has consistently decreased from $2,945.07 to $2,924.60, trailing slightly below the 20 EMA, which shifted from $2,947.17 to $2,935.85. This crossover typically indicates bearish momentum, suggesting that sellers are currently dominating the market.

Further supporting this bearish sentiment, the Moving Average Convergence Divergence (MACD) presents a negative outlook with the MACD line dropping below the signal line. Despite a brief positive histogram peak suggesting a potential reversal, the continuous decrease in MACD values (-15.19 compared to -15.21 in signal) reinforces the downward pressure.

In terms of market sentiment, the Relative Strength Index (RSI) has progressively declined, moving from 49.12 to a bearish 37.71. This descent below the midline (50) into bearish territory indicates that the asset is potentially oversold, which might attract buyers looking for a bargain, thus introducing possible volatility in the price.

Considering these indicators, $ETH faces immediate resistance at $2,965.57 and a more challenging barrier at $2,993.79. Should a bullish reversal occur, these levels will be crucial for determining the strength of the uptrend. Conversely, support levels are established at $2,889.92 and $2,869.71. A break below these could exacerbate the bearish trend, pushing prices lower. #ETH #write2earn🌐💹 #TrendingInvestments #BullorBear The full analysis and trade strategy were originally posted on ecoinimist.com.