Ethereum has been experiencing a bearish market structure across multiple timeframes, with bears showing no signs of slowing down their selling pressure. This has led to a significant drop in the price of ETH, with technical analysis indicating potential further losses. At the time of writing, Ethereum bulls were struggling to maintain control, and the possibility of the price falling towards $1.6k was becoming increasingly likely.
The 1-day timeframe for Ethereum showed a strong bearish outlook, with the cryptocurrency consistently trading below the 20-day moving average. The OBV indicator also indicated a downtrend in progress, with lower highs and lower lows being made. As a result, the $1,824 and $1,550 support levels from October-November 2023 are now considered as the next potential price targets for ETH. With Ethereum closing a trading session below $1,824, it is expected that bears will have control over the region.
On the 4-hour chart, Ethereum’s market structure appeared bearish, with the $1,850 zone now acting as resistance after previously serving as support in mid-March. The price action on both the daily and 4-hour charts, along with the OBV indicator, pointed towards further losses for the leading altcoin. Liquidation heatmap analysis suggested that Ethereum could fall towards $1.6k in the coming days, with $2,150 identified as a magnetic zone that could potentially pull prices higher.
Overall, the market sentiment for Ethereum remains bearish, with the possibility of more losses in the short-term. The long-term downtrend has also not been halted, indicating that further price declines could be on the horizon. It is important to note that the information provided does not constitute financial, investment, or trading advice, and is solely the opinion of the writer.
