The Ethereum Price Fall to $4,528.33
The price of Ethereum has dropped by more than 1% over the past 24 hours, currently trading at $4,528.33. However, QCP Capital holds the belief that Ethereum will continue to outperform Bitcoin due to potential ETH spot ETF approvals.
QCP Capital provided evidence for this prediction by highlighting the rise in the ETH/BTC exchange rate, suggesting spot ETH ETFs could be approved from May.
The Ethereum Price Falls Out Of Positive Channel
The Ethereum price broke below a positive price channel, exposing it to the risk of falling to $2,440 in the next 24 hours. However, continued sell pressure could cause the price to fall even lower to $2,295 in the short term. However, if ETH is able to close a 4-hour candle within the positive price channel in the next 12 hours, it may climb to the $2,685 resistance level and potentially rise even higher in the following days.
ETH Is Still At The Mercy Of Sellers
Technical indicators suggest a short-term bearish outlook. The MACD and RSI indicators indicate that bears are currently overpowered by bulls. It’s easier for bears to drag the Ethereum price down in the next 24 hours.
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Hot Take
Although the Ethereum price has fallen slightly, predictions for its future outlook remain positive, primarily due to the potential approval of ETH spot ETFs. However, technical indicators suggest a short-term bearish outlook, presenting a potential risk for investors. While investors may want to act fast to take advantage of the promising project, a cautious approach may be warranted given the short-term risks highlighted by technical indicators.
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