TL;DR

• Ethereum price analysis shows a range bound ETH/USD pair
• Key support level at $1,750 has been breached as bulls try to prevent short selling
• ETH/BTC pair also struggles to bounce back from 0.0305 BTC

The ETH/USD pair is unable to break from the past week’s range bound syndrome. The critical support level at $1,750 on the hourly charts has been breached. However, the pair is still within the tight Bollinger Bands range. On the upside, the $1,800 resistance is challenging the bulls as bears have successfully maintained a selling pressure at this pivot point.

The volatility is thin, and the volume figures are also reducing. The huge barrier at $1,800 is proving costly for the bulls as slow momentum makes it difficult to break past the resistance. The attempts to create a demand barrier has proven futile as selling pressure intensifies during short bull runs on the hourly charts.

Ethereum price analysis shows that the $1,800 barrier can trigger massive gains or losses. The support level at $1,750 also carries importance on the hourly charts as the 78.6 percent Fibonacci retracement of the current weekly bull cycle coincides with $1,745 price level. The bears may trigger a steep correction if the pair manages to close under $1,740.

Ethereum price movement in the last 24 hours: Rangebound with downward bias

The ETH/USD pair began the new week on a muted note. Compared to the past week, the pair is down by around 5 percent. At the time of writing, the pair is trading at $1,698 level with a downward bias evident on the hourly charts. The static journey of ETH/USD began last week, and is continuing as we step into this week with muted price action. The pair’s repeated failures to script a breakout beyond $1,800 has proven futile for the past seven days making Ethereum price analysis bearish.

The upper boundary of the Bollinger Bands lies at $1,858. However, the ascending rice channel is fast losing slope and is bending downwards. The resistance at $1,800 is turning into a selling pivot point as the pair drops towards the lower boundary in Ethereum price analysis. The descent is fast accelerating on the hourly charts, and any breakout below can bring $1,10 support into the picture.

On the daily charts, the support at $1,425 represents strong ‘buy walls’ where accumulation behaviour of the bulls can save the pair from aggressive selling. Also, the pair bounced from $1,425 at the start of March and went on to paint $1,950 on the charts. The inability to clear past $1,950 is evident from the reduced volumes and sideways trading action in Ethereum price analysis.

ETH/USD 4-hour chart: Technical indicators paint bearish picture

The hourly charts are turning red as the ETH/USD pair posts more short hammer candles with downward bias. The pair is hovering near the lower boundary of the Bollinger Bands with sideways to downward pattern. A breakout to the downside can spell bearish for the Ethereum in the short term.

A direction may come from the volume figures that are currently muted. If the bears can close the day near $1,710, the pair will enter bearish zone on the hourly charts. Initial support lies at $1,738 followed by $1,695 where lies the .382 Fibonacci retracement of the current bull run. Any significant selling action can bring $1,600 on the charts provided the bears cut through multiple support levels with considerable selling pressure.

Most of the technical indicators are in the red zone. The RSI is nearing the 30 level and indicates a bearish outlook for the pair. In a well-established bearish cycle, the pair can see RSI slide towards low 20s levels reflecting the extreme bearish overtones. The MACD is nowhere close to a bullish crossover and also supports the bearish outlook in the Ethereum price analysis. The Stochastic RSI is also in the oversold area.

Ethereum price analysis conclusion: Bearish overtones rule the ETH/USD charts

Major support at $1,710 is under extreme duress as the pair has broken past the lower Bollinger Band. At the time of writing the pair is trading near $1,690 with extremely bearish performance. The bears seem to have the upper hand on the hourly charts since not much resistance is on offer by the bulls.

If the bearish momentum intensifies in Ethereum price analysis, the pair can slide towards $1,650 support zone. The bears will likely attempt to touch $1,498 lows. The bearish overtones that began on the weekend have taken over the ETH/USD pair and the price seems to challenge immediate support levels. As the bullish momentum fades on hourly timeframes, the daily charts still have decent buying support for the bulls.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Source: https://www.cryptopolitan.com/ethereum-price-analysis-2021-03-22/