Ether fell by 2.46% on Wednesday with selling pressure built from the bearish side, reversing its Monday gains. The second most popular cryptocurrency is currently trading at $1,194.
The bulls and the bears have been at play, pushing each other till gains and losses become evident. Bears have resisted further up trends and a correction in price has been recorded. Ether had tried to touch the highs of $1,229 but failed miserably as the bears took full control of the market.
Various data and charts suggest a bearish outlook. Ethereum fell through the first major support level at $1,196. It will need to move through this and $1,215 to target the first major resistance level at $1,230 and once again grace the highs of $1,234. A slip to $1,230 means bullish momentum. An extended rally would prompt the bulls to run at the second major resistance level at $1,249, with the third major resistance to be seen at $1,283.
Failure to move through the first major resistance would take ETH to $1,181 and a further fall to $1,147. Ether’s moving average is at $1,212 while the price is trading way below it at $1,194. The Relative Strength Index at 46.06 levels shows that the market is currently indecisive and a breakout is needed for further direction.
