Ethereum price still falling, can buyers defend this price level?

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Ethereum price was trying to rise on the daily chart at the time of writing. In the past 24 hours, ETH is up 2%, price action remains mundane.

In the past week, the Ethereum price fell by 21%. Technical indicators pointed to continued bearishness.

Purchasing power dropped significantly, pushing Ethereum’s price closer to its direct support line.

If buyers fail to defend the closest support line, Ethereum could face a further decline on its one-day chart.

To invalidate the bearish thesis, ETH has to jump past several resistances. Selling dominance can push the altcoin further down.

With the price of major market mover Bitcoin dropping on the respective chart, most altcoins have followed suit.

ETH must break past the $2000 price level to invalidate the bearish position. ETH bulls are required to defend the $1,200 price zone or else ETH could drop freely to the $1,000 price level.

Ethereum Price Analysis: One Day Chart

Ethereum Was Priced At $1,360 On The One Day Chart | Source: ETHUSD on TradingView

ETH was trading at $1,360 at the time of writing. Since Ethereum hit $1800, the bulls failed to sustain themselves and caused the asset to fall further.

The closest support line for the coin was at $1,200. It is critical for demand to skyrocket for buyers to hold onto the $1,200 price as a drop from that level could cause ETH to hit $1,000.

The resistance for the altcoin passed $1,560, after which there could be a ceiling at the $1,800 price level. If ETH manages to get past $2,000, the bearish thesis could be voided.

The amount of Ethereum traded during the last session fell, indicating an increase in selling pressure.

Technical analysis

Ethereum dropped purchasing power on the one-day chart | Source: ETHUSD on TradingView

ETH continued to slip south due to a lack of demand at the time of writing. Indicators have also shown bearishness on the chart.

The relative strength index was shown below the half-line, indicating too much selling pressure compared to purchasing power in the market.

That was a sign of less demand for Ethereum at the time of writing.

The Ethereum price was seen below the 20-SMA as demand for the coin fell. It meant that sellers were driving price momentum in the market.

Ethereum Displayed a Sell Signal on the One-Day Chart | Source: ETHUSD on TradingView

The altcoin had shown a sell signal at press time, indicating that there could be even more bearish.

The moving average convergence divergence reflects the price direction and market momentum. The MACD underwent a bearish crossover leading to the formation of red signal bars, signaling a sell signal for ETH.

Bollinger Bands indicating price volatility and fluctuation also indicated an incoming price change as the bands widened at the time of writing.

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