The ETH price shows solid bearish opposition from the 100-day SMA, as evidenced by the price fall to broken range resistance at $1635. Key Technical Points: The ETH prices went down by 0.19% in the last 24 hours. The price action shows a bullish failure to surpass the 100-day SMA. The 24-hour trading volume of Ethereum is $14.24 billion, indicating a drop of 2.39%. Past Performance of ETH As warned in our previous analysis, the ETH prices take a bearish turnaround from the 100-day SMA leading to a downfall below the $1700 mark. The retracement comes as the retest of the bullish breakout of the consolidation range with the overhead resistance of $1635. Furthermore, the bearish opposition from the 100-day SMA results in multiple higher price rejection candles teasing a potential downtrend continuation. Source – Tradingview ETH Technical Analysis The ETH price chart shows a declining trend in the day trading volume during the recent bearish retracement, increasing the possibility of a bullish turnaround. Hence traders hoping for the post-retest reversal should wait for a price action confirmation. As the market price remains close to the 10-day SMA, the bullish influence over the 50-day SMA increases, leading to a lateral shift. The daily RSI slope takes a lateral shift in trend near the overbought boundary as the prices retrace from the 100-day SMA., representing a weakness in the underlying bullishness and reducing the chances ...
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