Reading time: ~2 m
- Ethereum (ETH) continues to be in a downtrend, and will probably go to test support at $1700.
- Indicator signals on the weekly chart remain bearish, there are no signs of the end of the downtrend.
- The merger is getting closer, but the unfavorable macroeconomic situation forces investors to avoid risky assets.
Ethereum remains in a long-term downtrend, as does the rest of the market. After an unsuccessful attempt to gain a foothold above $ 2000, Ethereum went to test support at $ 1700 – the minimum of last year.
Now, however, fundamental factors and the technical pattern looks to indicate that this level may not be able to withstand. Below it is a powerful support level – $ 1500, the maximum of 2017.
Signals on the weekly chart remain bearish, and indicate the threat of a further fall, there are no signs of a reversal:
RSI (Relative Strength Index): is in a downtrend at 32, and this is almost an oversold area.
MACD: a histogram below zero shows lower and lower lows, as does a linear MACD, there is not even a hint of recovery.
Trading volume: remain low, and prevail on sale.
Ethereum price prediction: ETH remains bear market by Kadr on TradingView.com
BOTTOM LINE: Indicators and the price chart on the weekly timeframe indicate that the fall is likely to continue. Moreover, on the monthly chart, the situation is similar, which strengthens the downward trends.
On the other hand, Ethereum is getting closer to merging, and this is a fundamental factor for the growth of the entire market. So far, however, the unfavorable macroeconomic situation forces investors to avoid risky assets.
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