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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Aug 28, 2023 08:30 UTC
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Ethereum Price Analysis: Is A Bearish Dominant Move Ready To Plunge ETH Price?
ETH price action shows a consolidation phase while the bearish influence seems to grow.
Closing below $1620 could fuel a drop in ETH price to $1540.
Failing to form an inverted head and shoulder, buyers seem exhausted.
The markets hope for a recovery with the Bitcoin ETF deadline this Friday, but Ethereum remains dormant in a range. With 37.25% YTD growth, the recent correction plunges the ETH price to $1639, a 23.68% discount from the 2023 high of $2142.
Failing to form an inverted head and shoulder in the 4-H chart, the ETH price action finds a supply portal at $1690.
Leading a sideways trend in the consolidation range, the ETH price forms a range between $1639-$1668. The bearish side seems dominant, with the overhead resistance coinciding with the 38.20% Fibonacci level.
Adding points to the bearish team, the ETH price action hints at a double-top pattern, with a neckline at the bottom support.
Currently, the ETH price trades at $1639 with an intraday loss of 1.08%, leading to a bearish daily candle.
Will Ethereum Prices Find A Recoil Rally?
Despite the consolidation, the ETH price action finds strong bearish opposition as buyers struggle to sustain the range. Moreover, the ETH price maintains a diagonal trend as it fails to rise above $1690.
With growing bearish evident in the 4H chart, the potential death cross in the 1-day chart warns of a prolonged correction phase. In case of a drop below $1600, the ETH price may plunge to the $1540 mark.
On the flip side, the buyers find optimism in the lower price rejection from the 78.60% Fibonacci level at $1579 and the upcoming ETF news. A recovery trend resurfacing above $1690 can fuel a bullish trend to $1776.
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