Hemorrhage in altcoins: Will Ethereum rise?

Ethereum (ETH)While its price fluctuated between 3 thousand 277 and 3 thousand 500 dollars, its 24-hour trading volume reached 16.82 billion dollars.

Ethereum The technical analysis for various time frames draws attention to important bearish indicators. The combination of oscillators and moving averages indicates that the downward trend will continue unless strong buying interest emerges.

Ethereum has consistently formed lower bases since its rise to $3,980. The leader of the altcoins has lost value in the last few days and eased to the $ 3,200 band.

What is the latest situation for Ehereum (ETH)?

The downtrend on the hourly chart has begun to signal a bounce attempt after reaching the next resistance point. The increase in volume during heavy sales gives positive signals for altcoins in the long term.

Relative strength index (RSI) 36.4, Stochastic 25.1 and commodity channel index (CCI) -160.9 indicate neutral positions and indicate neither overbought nor oversold conditions. However, momentum and moving average convergence divergence (MACD) signal sell signals, reinforcing the downtrend.

Moving averages (MAs) in various periods indicate heavy selling dominance. Short-term and medium-term exponential moving averages (EMAs) and easy moving averages (SMAs) are all aligned with the sell indicator. Only the long-term 200-day EMAs and SMAs provide a buy signal, indicating potential support at lower levels, but the general trend remains bearish.