Bulls couldn’t take control of the market, and after touching a high of $1,871 on 23 May, the ETH/USD pair is moving in a bearish trend, touching a low of $1,762 today in the early Asian trading session.
The short-term outlook for Ethereum has turned mildly bearish.
On the hourly chart:
- ETHUSD is under bearish pressure after a decline below the $1,800 handle with immediate targets of $1,750 and $1,700.
- The bearish harami pattern is below the $1,871 handle, signifying the end of a bullish phase.
- The relative strength index is at 40.11, indicating weak demand for Ether and a continuation of the selling pressure in the market.
- The CCI is giving a neutral signal, meaning that the Ethereum price is expected to remain in the consolidation phase in the short-term range.
- ETH price is now trading below the 100-hour simple and 200-hour exponential moving averages.
- The Ethereum price opened bearish this week.
- The average true range indicates low market volatility.
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