ETH price retraces sharply, inchoating a bearish pattern with a neckline at the $1,000 mark. Will buyers avoid a fall under $1,000? Key technical points: ETH prices have decreased by 2.79% in the last 24 hours. The price action shows a double top pattern in the daily chart. The 24-hour trading volume of Bitcoin is $27.85 Billion, indicating a rise of 0.49%. Past Performance of ETH The ETH price is showing the bullish inability to cross the $1,270 level of resistance in order to create a bullish break in the pattern of the double bottom. The retracement also results in a decline of 14% over the past three days and is preparing to test the psychological support of $1,000. Source- Tradingview ETH Technical Analysis It is evident from the ETH technical chart, that the trading volume increases over the past two days, indicating an increase in the selling pressure. Thus, traders may find an opportunity to short-sell if Bitcoin prices do not hold over $18,850, which could trigger an increase in selling activity for altcoins. The MACD indicator indicates an increase in bearishness as the slow and fast lines make a cross-over and the positive histograms are sagging to that zero line. The vortex indicator indicates a new bearish inning, beginning with the VI lines returning to their negative alignment, and the spread expands. However, the RSI indicator displays a bullish divergence within the negative retracement and tries to find suppo...
