Ether is down by 3.61% and trading at $1,174 as bears dominate the second most popular crypto’s price. It has been following in Bitcoin’s footsteps ever since the Merge. But a decisive flip of the immediate barrier could trigger a minor run-up for Ether.
The next support level for ETH is present at the $1,201 level as the bears are making progress. A bullish reversal could see Ether face resistance at $1,220. But the overall market sentiment remains bearish. As such, Ether is likely to experience more movement to the downside. It should be noted that there has been some activity from the bullish side as well, but it has been to the advantage of bears. Ether touched the low-highs of $1,218 a couple of hours ago and sellers resumed the sinking trend.
Though the bearish momentum hasn’t been huge, it has successfully been able to dodge past the building’s bullish momentum. Analysts are eyeing the bullish as it might get another chance to reverse the price and push the prices above $1,220. And this may be just around the corner because the market sentiment remains bearish. Moreover, technical indicators are giving mixed signals. With the RSI trading at the 39.56 level, there is still room for prices to fall further before reaching oversold territory. However, the 4-hour Ethereum price analysis suggests a sudden drop in the price. Before the bears won the battle and prices were overcome by selling pressure, ETH price was stuck in a critical juncture of sideways trading.