- Ethereum is positioned below the 200-hour SMA.
- $ETH price is hovering within the $1.6K range.
The largest altcoin, Ethereum ($ETH), has slipped below its 200-hour Simple Moving Average (SMA). The break below this level suggests that bullish momentum is fading and that sellers are gaining greater control of the market. On the 1-hour chart, it recently lost support near the $1,720 region before falling to the mid-$1,600 range.
As long as the price remains below the 200-hour SMA, the broader short-term structure remains weak. In this scenario, the $1,580 level stands out as the next significant support zone, where buyers may attempt to slow the decline. The market impact of this breakdown extends beyond Ethereum itself.
Continued weakness could encourage risk-off behaviour among traders, increase selling pressure, and trigger liquidations in leveraged positions. A recovery above the 200-hour SMA would be an early sign that buyers are regaining strength. Until then, traders pay attention to whether $ETH can defend the $1,580 support or face a deeper correction.
Can Ethereum Turn Bullish Anytime Soon in a Sluggish Market?
Ethereum is under a sturdy bearish grip, posting a loss of over 5.34%. The lowest and highest trading points were noted at $1,638 and $1,776, respectively. At press time, the $ETH price is hovering at the $1,658 range, with its daily trading volume reaching $12.22 billion.
The Ethereum price might slip to the support at around $1,514 if it fails to hold the current trading level. Upon the emergence of the death cross, the bears may push the asset’s price steadily down. In case of forecasting a recovery move, the $ETH price could climb to the $1,711 resistance. With the bulls breaking this range, with the formation of the golden cross, the price would move even higher.
When both the $ETH/USDT trading pair’s MACD and signal lines are below the zero line, it indicates a bearish environment. The price is below its longer-term average, and any upward moves are more likely to be short-term corrections. In addition, the CMF indicator at -0.08 suggests mild selling pressure. The capital outflows slightly outweigh the inflows. While sellers have a modest advantage, the momentum is not negative enough to signal strong distribution.
Ethereum’s daily RSI value is at 34.03, which shows that it is approaching oversold territory. Since it is nearing the 30, the asset is highly stretched to the downside, and the traders are watching for signs of a potential relief bounce. Besides, the BBP reading of -113.98 holds strong bearish dominance, reflecting sustained selling and weak buying interest. The sellers are controlling the trend, with bears maintaining the upper hand unless buying pressure increases.
