Bulls couldn’t take control of the market, and after touching a high of $1,972 on 06 May, the ETH/USD pair is moving in a bearish trend, touching a low of $1,792 on 10 May.
After its fall below the $1.850 handle, ETH/USD is now under mild downward pressure, with targets at $1.800 and $1.750 in the H1 timeframe.
The pattern bearish engulfing below the handle $1,972 signifies an end to the bullish phase.
The relative strength index stands at 36.51. This indicates a very weak demand for Ether, and the continuation of selling pressure on the market.
The STOCHRSI as well as the Williams %R indicate that the Ethereum is oversold. This means the Ethereum price will correct upwards within the short-term.
The price of ETH has fallen below both the simple 100-hour moving average as well as the 200-hour moving exponential average.
- Below the $1972 mark, ETH prices are seen to be in a downward trend.
- The short-term outlook is mildly bearish.
- The average true range indicates a low level of market volatility.
- The CCI indicator created a divergence between the price chart and CCI.
ETH is reversing downwards below $1,972
On the daily graph, the ETH is just below its pivot of $1,820. It is also moving into a moderately bearish channel.
Some of the technical…
