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You are here: Home / Opinion / Market Analysis / Ethereum Signals More Losses as Bears Determined to Take Over the Market
Ethereum Signals More Losses as Bears Determined to Take Over the Market

Ethereum Signals More Losses as Bears Determined to Take Over the Market

December 10, 2020 by Reena Shaw

Ethereum [ETH] has been struggling to get hold of the recently touched $600 desire multiple attempts for an upside break. The largest altcoin by market cap was at a risk of more downsides correction against the US Dollar in the coming days.

Ethereum [ETH] slid by 2.60% over the last 24-hours pushing the price of the coin to $562.2. At the time of writing, the cryptocurrency recorded a market cap of $63.5 billion and a 24-hour trading volume of $17,51 billion.

As it reaches a crucial piece level, will the buyers rebound and start to push the coin’s value higher?

Ethereum [ETH] Daily Chart:

ETH 2 e1607515722274

The moving average aligned below the Ethereum price candles supporting the coin’s value from a further downside correction.

Despite the market-wide correction which triggered a significant fall, the DMAs did not exhibit signs of bearish pressure as the positive trend continued. The 50 DMA [Pink] continued to hover above the 100 DMA [Blue] and 200 DMA [Yellow]. The DMAs formed support points at $485.45, $425.9, and $359.5 respectively.

Bears Determined To Lead The ETH Market

eth2 e1607515771392

Ethereum was at a pivotal level. However, the technicals exhibited that the bears have an upper hand. The MACD, for instance, formed a weak bearish crossover below the zero-line recently. The reading line further extended below the signal line and depicted no signs of an upward break or a trend reversal which was not a good sign for the coin’s price in the near-term.

The RSI showed a bearish divergence creating and an overbought reading followed by a lower high that coincided with a corresponding higher highs with respect to the price. Hence, a chance of breaching highs on the charts might not turn up since it depicted that the selling pressure continued to linger despite declining after establishing a local top.

While a massive correction does not appear in the offing, ETH could consolidate in the current range for some time before a decisive breakout. Ethereum’s overhead resistance was found to be at $617.3 and $712.6 while its support point stood at $485.45, $425.9, and $359.5

 

Filed Under: Market Analysis, Altcoin News, News Tagged With: Ethereum (ETH)

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