ETHEREUM PRICE ANALYSIS: Is the market gearing up for a bearish twist?

A double top pattern is causing selling pressure

Ethereum is currently under the 50-day and 200-day EMAs, indicating a bearish trend. If it drops to $1,550, it could break the $1,500 support. News about ETH-spot ETFs and SEC actions are key factors to watch. The SEC's involvement, following its classification of ETH as a security, still affects ETH's sensitivity to regulatory changes.

On The Daily Chart:

Ethereum faced downward pressure as it slipped beneath the $1,620 mark against the US Dollar, signaling a bearish trend with potential further declines toward $1,540. The decline commenced after Ethereum failed to breach the $1,660 and $1,670 resistance levels. It dipped below the critical $1,620 support, entering a bearish territory and trailing behind Bitcoin in performance.

Additionally, bears managed to breach the $1,600 support and the 50-hourly Simple Moving Average, establishing a low around $1,568. Currently, there's an attempt at a recovery, with a modest move above the $1,580 level. The price is now testing the 23.6% Fibonacci retracement level. However, Ethereum remains below both $1,625 and the 100-hourly Simple Moving Average.

On The 4-Hour Chart:

On the 4-hour chart, there's a prominent falling wedge pattern in play, and the current price is currently testing its upper boundary. Despite the bulls' persistent attempts to break through the resistance zone, they've been facing notable challenges. Although there was a recent breakout from this resistance zone, the volatility in the market has resulted in the formation of a double top pattern on the price chart. This pattern indicates the possibility of bearish price movements in the days ahead.

According to Coingabbar Price Analysis, Ethereum's market capitalization is currently valued at $191,898,089,276. The projected 24-hour trading volume is estimated to be around $7,873,198,302.

KEY LEVELS :

RESISTANCE LEVEL : $1,630-$1,670

SUPPORT LEVEL : $1,570-$1,530

Has Ethereum's price taken a significant dip following a rejection, signaling a potential resurgence of bearish sentiment? With the pause in FOMC rate hikes affecting the market, can Ethereum hold its ground at the $1,500 support level? Are we witnessing the conclusion of the bullish run for Ethereum? Is ETH's price on the verge of a trend reversal? Please share your thoughts in the comment box below.

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.