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The Ethereum (ETH) price continues to slide down as the price faces upside rejection. The ETH/USD pair is currently trading at $$1,387.95, down 3.67% for the day. The ETH price analysis shows that the recent upside rally lost its momentum as the bulls gave up at the higher level.
- Eth price fell for the second straight session on Tuesday.
- Lack of demand near higher levels pulls down the price toward weekly lows.
- The momentum oscillator warns of aggressive bids.
ETH Price drifts lower with a negative bias
On the daily chart, after consolidating near the $1,600 mark ETH price paused the gains. The descending trend line from the $3,600 level acts as an upside barrier for the asset. However, on July 19, the price pierced the bearish sloping line to test the mentioned level.
Further, ETH price fell below the 50-day exponential moving average (EMA) at $1,438, adding another bearish sign.A break below the July 18 low of $1,335 would bring more losses to the asset. In that case, the gates will be open for $1,170.
Earlier, after consolidating in a short-term range that extends from $1,000 to $1,200, the ETH gave an impulse move. However, the price met the supply zone around the $1,600-$1,650 level, triggering a substantial fall.
On the other hand, a shift in the bullish sentiment might see a reversal toward immediate resistance placed around the $1,500 mark.
On the hourly time frame, ETH forms a triple top near $1,650, a bearish structure. The price breaks the channel on the lower side with rising volumes.
With a fall below $1,380, we can expect a good fall up to $1,330, which is also the 50% Fibonacci retracement level.
Conclusion
ETH trades with a negative bias for the past five sessions. From the technical set up we expect the downside movement to continue. Lack of buying interest due to fundamental reasons as well, a sell-off is on the cards. A sell-on-rise opportunity could be capitalized on with strict stop loss.
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