What is Ethereum (ETH) Doing Right Now?
Ethereum is trading around the $1,110 mark and looking quite bearish on the lower timeframes. As mentioned in our previous ETH analyses, the price was forming the rising wedge pattern, and it is playing out nicely towards the downside. Ethereum broke below this structure a couple of days ago and also lost the support at $1,160. Right now, things are looking quite bearish for ETH, and further downside movement is also on the cards. Let’s take a quick look at the latest Ethereum charts to see where the price can find support next.
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Analyzing the Charts
If we take a look at the latest charts for Ethereum, we can see that the price has currently found short-term support around the $1,100 mark. The $1,100 mark has acted as both support and resistance in the recent past, and ETH could breathe here before making another move.
However, the main support level we will be watching for Ethereum in the short term is the $1,050 mark. It is the area around which we saw volume increase last time, and the bulls will try to hold it well.
It is likely that Bitcoin will touch this support in the coming days and start going sideways on the lower timeframes.
However, if the price breaks below this level, the support will turn into strong resistance. In that scenario, things will get extremely bearish, and we will expect Ethereum to drop to the previous local bottom at around $900.
Conclusion: Final Verdict on Ethereum (ETH)
Ethereum is looking quite bearish at the moment and will likely drop further in the coming hours. However, the price might start to consolidate around the $1,050 mark, and it would be interesting to see whether the buyers will step in this time or not. If the price bounces from this level with good volume, it would be a nice sign for Ethereum, and we can expect it to challenge the resistance at $1,260 once again. How things will play out in the short term will also depend on Bitcoin.
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