Ethereum Price Close To The Critical Support Level, Further Downside Could Be A Possibility

Ethereum price has been trying to secure small gains over the last 24 hours. In the past week, the king altcoin brought home gains which were close to 6%. At the current moment, however, the coin was mostly moving laterally. Ethereum price had also broken below its head and shoulder pattern as seen in the chart below. This pattern is related to bearishness. In accordance, the buyers were low in the market. The technical outlook also continued to look weak on the one-day chart. Broader market weakness has caused many prominent altcoins to move down their respective charts. Bitcoin price has also remained weak under the immediate resistance of $20,000. For Ethereum to move north without too much hindrance buyers have to step up. A move above the $1,600 price level will cause invalidation of the current bearish thesis. Ethereum Price Analysis: One-Day Chart ETH was trading at $1,560 at the time of writing. After struggling considerably, the altcoin has attempted to move up slightly on its chart. This upward movement could soon be stalled if Ethereum price doesn’t manage to trade above the $1,600 price level. This current price movement is a momentary respite. The bears will remain in control unless ETH moves and remains above the $1,600 price mark. The nearest support line for Ethereum stood at $1,520 but a push from bears will not make ETH stop at that level. The next stop for the altcoin would be at $1,470. The trading vo...