Ethereum started the week with a promising performance, experiencing a gain of over 3%. However, the bullish momentum was short-lived as the altcoin failed to sustain its position above a key resistance level. Within the past 24 hours, ETH’s market value has declined by nearly 3%.
Throughout the week, the ETH price has shown limited progress, with the bears dominating the price movement. The altcoin’s technical outlook indicates a decline in buying strength, accompanied by low demand and accumulation on the daily chart.
To prevent further strengthening of the bears, it is crucial for Ethereum to surpass its immediate resistance in the upcoming trading sessions.
Failure to do so may lead to additional pressure from sellers, potentially causing Ethereum to breach its immediate support level and experience a significant loss in value during future trading sessions. Additionally, the fall in the ETH market capitalization suggests an increase in selling strength, as observed on the daily chart.
Ethereum Price Analysis: One-Day Chart
Ethereum was priced at $1,790 on the one-day chart | Source: ETHUSD on TradingViewTo reclaim the $1800 price level, it is crucial for buyers to re-enter the market at the current price level. Their participation is essential for Ethereum to regain strength and potentially push the price higher.
source:newsbtc
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