Ethereum Price Faces Pressure Amid Sell-Off
Ethereum price is experiencing significant downward pressure, dropping from its peak of $2,715 to just above $2,200. This sell-off follows the approval of Bitcoin ETFs in the US.
Is it a Good Time to Buy Ethereum?
The path for Ethereum price is currently pointing downwards, as indicated by the Moving Average Convergence Divergence (MACD) indicator. Traders may have missed a negative Relative Strength Index (RSI) divergence due to optimism surrounding the ETF approval. With the RSI falling below 40, an immediate recovery seems unlikely. It may be wise for traders to consider dollar-cost averaging while waiting for a potential rebound.
Fibonacci Levels and Potential Trend Reversal
Fibonacci levels suggest that the trend reversal could continue below $2,000, specifically at $1,980. To achieve this reversal, Ethereum price will need to turn the $2,200 level and the 200 Exponential Moving Average (EMA) at $2,016 into resistance levels. Holding above $2,200 could lead to a bullish era where Ethereum aims for highs above $3,000.
Short-Term Bearish Outlook
Several crypto analysts predict a short-term bearish outlook for Ethereum. @Gotzeuus warns that Ethereum and altcoins may suffer from Bitcoin price action and advises against overexposing crypto portfolios to altcoins during this time.
Exercise Patience and Avoid Rushed Decisions
For now, it is best to exercise patience and avoid making rushed decisions. Waiting for the market conditions to settle will provide a clearer trajectory for Ethereum’s future movements.
Hot Take: Ethereum Faces Pressure as Sell-Off Continues
Ethereum price is under pressure as it faces a sustained sell-off following the approval of Bitcoin ETFs in the US. Traders should exercise caution and consider dollar-cost averaging while waiting for a potential rebound. Fibonacci levels suggest a possible trend reversal below $2,000, but holding above $2,200 could lead to a bullish era. However, several analysts predict a short-term bearish outlook for Ethereum and advise against overexposing portfolios to altcoins during this time. It is crucial to be patient and avoid making rushed decisions in the current market conditions.
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