Ethereum Price Analysis: ETH On A Steady Decline After Touching $1,850
Daily Ethereum ETH Price Forecast
- Ethereum price has been under bearish control for four straight days.
- ETH has flashed multiple sell signals in the 4-hour chart.
Between February 1 to February 12, the Ethereum price jumped from $1,320 to $1,845, gaining around $525 in its overall valuation. Following this jump, the bears have taken control of the market for four straight days.
Ethereum Price Under Bearish Control
Over the last four days, the Ethereum price has dropped to $1,740. Despite this price drop, ETH is still trending in an upwards channel formation. The relative strength index is trending along the edge of the overbought zone. As such, bullish price action could push RSI into the overbought zone.
Image: ETH/USD daily
On the downside, there is a moderate support zone at $1,650, which coincides with the 20-day SMA. Previously, at this level, nearly 335,000 addresses had purchased almost 2 million ETH tokens. If Ethereum price manages to break below this line, it will probably dip to the $1,600 psychological level.
Looking at the 4-hour Ethereum price chart, we can see two negative signs:
- The 20-bar and 50-bar SMAs have flipped from support to resistance.
- The MACD shows sustained and increasing bearish market momentum.
Image: ETH/USD 4-hour chart
Ethereum-Based Uniswap Hits $100B In Trading Volume
Uniswap protocol has recently hit $100 billion in trading volume, marking an important milestone for the decentralized economy. Hayden Adams, the founder of Uniswap, took to Twitter to make note of the news.
Uniswap is the first decentralized exchange (DEX) to reach this whopping number. The protocol has been growing rapidly over the last year and is currently sitting just short of $4 billion in total value locked (TVL). In January, Uniswap hit $20 billion in monthly volume for the first time.
Uniswap runs on Ethereum and is widely regarded as a “blue chip” of the growing DeFi ecosystem. The exchange’s 24-hour volume regularly exceeds that of major crypto exchanges such as Coinbase.
Ethereum Price Is Expected To Reach These Levels
We expect Ethereum price to drop further to the $1,700 psychological level. What happens next will depend on the way the buyers and sellers behave around this line.