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
Ethereum was priced at $1,560 on the one-day chart | Source:
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