Ethereum has fallen below its $1,600 support level and has displayed bearish sentiment on the chart. Broader market weakness has also contributed to Ethereum’s current price action. Bitcoin had fallen to the $20,000 price mark and altcoins depicted similar price movements. Ethereum over the last 24 hours depicted some minor appreciation on the chart. The altcoin’s technical outlook remained bearish. Buying strength had fallen over the past two days and at press time the coin ‘s movement was dominated by sellers. Continued selling pressure can pull ETH to the $1,100 price level before it starts to pick up momentum again. In case the bulls find their way back into the market, ETH might continue to consolidate on its chart and then try to rise. Buying strength also has to recover significantly for Ethereum to invalidate the bearish thesis. Over the last week, Ethereum lost 4% of its market value. Ethereum Price Analysis: Four Hour Chart ETH was exchanging hands at $1472 at the time of writing. After Ethereum witnessed a sharp fall, it tried to recover slowly but bearish pressure was still strong in the market. Overhead resistance for the altcoin was at $1,542 and a current fall in price will drag ETH to $1,260. For bearish thesis to be negated Ethereum has to trade above the $1,600 price mark for longer than a few trading sessions. If buying strength doesn’t display consistency then Ethereum can fal...
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