The Recent Fall of Ethereum Price: An Analysis
Recently, the price of Ethereum (ETH) experienced a decline, dropping below the moving average lines subsequent to a rise on April 28, 2024.
Long-term Outlook on Ethereum Price: Bearish Trend
On April 28, the Ether price surged to $3,363 after surpassing the 21-day SMA. Nevertheless, buyers couldn’t maintain their bullish momentum above the 50-day SMA or $3,400. The substantial selling pressure at $3,400 is evident by a long candlestick wick.
- Currently trading between $2,908 and $3,200 with a value of $3,136.60
- In case of continued selling pressure, the altcoin may revisit previous lows of $3,056 and $2,908
Ethereum Indicators Analysis
Presently, Ether’s price bars are positioned below the moving average lines, having previously been sandwiched between them. Despite the sideways trend, the moving average lines have maintained a horizontal alignment. Notably, a long candlestick tail denoting strong buying pressure aids in identifying the lower price range.
Key Technical Indicators
- Resistance levels: $4,000 and $4,500
- Support levels: $3,500 and $3,000
Future Trajectory of Ethereum
Following a robust rejection of its prior high, Ethereum has transitioned into the negative trend zone. After dropping to nearly $3,118, the altcoin resumed consolidation above this level. Currently, Ethereum is trading within a confined range, as indicated by the Doji candlesticks consolidating over existing support.
According to a recent report from a leading cryptocurrency news outlet, ETH was noted to be in an upward correction and had surged to the 21-day SMA or resistance at $3,200.
Hot Take: A Final Word to the Crypto Enthusiast
As an avid follower of cryptocurrency trends, it is essential to closely monitor the fluctuating price of Ethereum. The recent fall below moving average lines signifies a potential downward trend for the altcoin. Keep a keen eye on the key support and resistance levels to gauge Ethereum’s future trajectory accurately.
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