Over the last few weeks, the Ethereum price has faced significant bearish pressure against the USD. The ETH price appears to have gotten some stability in the last three days but there is evidence that the bears are not done with the Ethereum ETH yet. There are still several resistance levels that Ethereum needs to cross before any significant recovery can take place.
Ethereum (ETH) Price Analysis
At the time of writing, the Ethereum price was $1,332.00. The ETH token was up by 2.57% against the USD. In the last 24 hours, the price of Ethereum has traded in the $1,270.20 to $1,335.28 range. On the day-to-day price chart, the ETH token is enduring monthly lows. There is a steep decline on the 7-day Ethereum price charts as the token has fallen from $1,425 to the $1,332 level today.
Yesterday, when the Ethereum price hit the $1,1270 level, traders said it had bottomed out and started buying the token. This sudden interest raised the token higher against the USD until it hit the 24-hour high of $1,340.12. Despite the bullish sentiment at this time, analysts should not rule out the bears just yet.
Yesterday, it was established that the sudden price drop of the Ethereum token was due to dumping by Ethereum miners. While the miners have taken a break from dumping, they still hold a tremendous amount of ETH tokens and there is no telling what will happen if they choose to resume their dumping scheme.
Ethereum ETH Vs Bitcoin BTC
Ethereum and Bitcoin are now trading in a similar pattern. The Bitcoin price is $19,157.96 at the time of writing. It is up by 1.13% against the USD. BTC is trading in the $18,617.55 and $19,374.55 range within 24 hours. The bears seem to have taken a break but the bulls need to gather enough momentum to rise above the $20,000 level to keep going higher.