Ethereum price has been trading within a descending trendline, which is a sign of bearishness. Over the last 24 hours, the Ethereum price has been different as the coin registered a 6% appreciation.
As the coin appreciated, it broke outside of the descending channel.
Over the last week, the Ethereum price lost more than 7% of its value. The buyers have entered the market, which has helped Ethereum climb on its chart.
Although buyers are attempting to make a comeback, the sellers continue to drive the price action on the one-day chart.
The $1,400 price mark continues to remain a tough resistance zone for Ethereum price. A break past from the aforementioned support line will help ETH revisit its next price ceiling.
The technical outlook for Ethereum continues to remain bearish at the time of writing. Bitcoin’s price recovery has helped major altcoins pick pace over the last 24 hours.
Ethereum Price Analysis: One Day Chart
Ethereum was priced at $1,340 on the one-day chart | Source: ethereum price broke descending channel
