The bitcoin market has been trending lower over the past few days, and in light of its correlation with the rest of the market, the altcoin market is also declining. Ethereum, the second largest cryptocurrency in the world, has also been losing value recently. In fact, after consolidating close to this level for a while, the value of ETH again dropped below $ 600.

 

At press time, ETH was trading at $ 581.36 and was seen to decline to $ 551.

 

Ether’s hourly chart added here highlights the falling price in a decreasing channel. The pressure was high for a while as the coin fell below $ 571.83 for a short time, then quickly bounced back. In fact, while the market trend was clearly bearish, there seemed to be no signs of price fluctuation at the time of the press.

After a sudden drop in Ether value recorded in the last 24 hours, the price is trying to stabilize on the charts. The price seems to move around the $ 571 level throughout the support and bearish pressure is increasing as the 50 moving average remains above the candles.

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The Relative Strength Index (RSI) was very close to the oversold zone due to sales in the market. However, the jump improves the value of the RSI, while the constant selling pressure keeps the RSI low at 37.57 at the time of writing.

Moreover, the Awesome Oscillator was below the zero line, a sign that the short-term trend is falling. Here, the increasing length of the red bars is also an indicator of the sale in the market.

Result

The falling value of the digital asset also hinders the stability of the market. Ethereum price can be expected to consolidate at the support price level, at least in the short term, before a trend change.

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