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Ethereum – The key to ETH bulls regrouping will be…

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Ethereum - The key to ETH bulls regrouping will be...

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Selling pressure highlighted by bearish crossover on MACDsink below the $1,924 support level. The level had previously served as short-term support after ETH was rejected at the $2,000 psychological level on 14 July.The price rejection swung the advantage in favor of sellers, with the rapid decline presenting bears with shorting opportunities.

Looking at the on-chart indicators on the 12-hour timeframe hinted at further price dips. The Relative Strength Index moved under the neutral-50 to highlight the waning demand for ETH. The Moving Average Convergence Divergence also recorded a bearish crossover with red bars below the zero level. This highlighted mounting selling pressure.

Shorts can look to enter new positions on a retest of the $1,900 – 1,920 price zone. This sell idea will be invalidated if bulls recover the $1,924-level with a bullish candle close above the resistance.

 

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