Ethereum (ETH) – Buyers struggling to make remarkable progress in a heavily lopsided bearish picture

Ethereum (ETH) – Buyers struggling to make remarkable progress in a heavily lopsided bearish picture

Ethereum (ETH) is hovering just beneath the 20-day exponential moving average and the upper-line of the regression channel stretched from the April 3^rd peak, after retracing almost 45% higher from the fresh 17-month low of 879 hit on June 18^th.

The negatively aligned 20- and 55-exponential moving averages are confirming the prevailing downwards forces, while oscillators are mirroring the latest recovery. The KST has nudged above its signal line and is sloping north, while the RSI managed to exit the oversold territory. However, both are still holding in the bearish regions, and the latter is now flattening while the Stochastics’ newly reclaimed bearish charge following the deflection off the 20-overbought threshold, is cautioning traders that the sell-off could soon get fresh legs.

So, the re-emerging selling forces could steer the price to the strong psychological level of 1,000 near the middle-line of the regression channel. In the event bearish pressures continue to overwhelm, the price will likely revisit the June 18^th low of 879, before attacking the 677 hurdle, taken from December 2020.

For a positive scenario to develop, the price should first clear the nearby 1,290 level, where the 20-exponential moving average overlaps with the upper-line of the channel. In such a case, the doors will open to the March 2021 inside bottom at 1,546. Higher, the bulls could push the price towards the twice-tested low of 1,700 which is reinforced by the 55-day exponential moving average.

All in all, Ethereum’s buyers are struggling to make remarkable progress in a heavily lopsided bearish picture. For positive sentiment to grow, the price would need first to jump outside the channel. In the absence of this play, bears will retain the upper hand and push for a further leg down.