Bulls couldn’t take control of the market, and after touching a high of $1,972 on 06 May, the ETH/USD pair is moving in a bearish trend, touching a low of $1,792 on 10 May.
The ETH/USD pair is currently under mild pressure following its recent decline below $1,850, and the immediate targets are $1,800, $1,750, and the H1-timeframe.
The pattern of the bearish engulfing is located below the handle of $1,972, which signifies the end to a bullish period.
The relative strength index stands at 36.51. This indicates a very weak demand for Ether, and the continuation of selling pressure on the market.
The STOCHRSI as well as the Williams %R indicate that the Ethereum is oversold. This means the Ethereum price will correct upwards within the short-term.
The price of ETH has fallen below both the simple 100-hour moving average as well as the 200-hour exponential moving mean.
- A price reversal in the direction of ETH is observed below $1,972.
- The short-term outlook is mildly bearish.
- The market is volatile when the average true range is low.
- The CCI indicator created a divergence between the price chart and CCI.
ETH’s bearish reversal can be seen below $1972.
On the daily chart the ETH price trades just below the pivot level of $1.820, and is moving in a mildly bearish channel.
Some of the technical…
