With the fresh plunge dragging the crypto space to the lower support, Ethereum price also approaching the crucial $3000 level. While the second-largest crypto frequently flipped from these levels, this time the ETH price could plunge below these levels. Moreover, the price is expected to plunge hard below $2900 levels, while the possibility of a flip may not be certain. The price recently faced rejection at 200-day MA levels and soon may visit the 50-day MA levels.
Ethereum(ETH) Price Analysis
- Ethereum price is witnessing yet another drop in the past couple of days, which compelled the price to hover close to $3000
- The ETH price was swinging within a huge bearish flag pattern, that it broke down after a brief consolidation
- The plunge dragged the price towards $3000 but the bulls are attempting very hard to hold these levels but eventually may slip below these levels
- The ETH price may eventually decline below $2900 to test the lower support levels around $2835 amid the current bearish cycle
Ethereum (ETH) Technical Analysis (Short-Term)
|Relative Strength Index(RSI)||22.04||Sell|
|Average Directional Index(ADX)||43.877||Sell|
|Average True Value(ATR)||29.85||High Volatility|
|Moving Average (MA) – 50||$3223.91|
|Moving Average (MA) -200||$3323.55|
The ETH price is sliding down and hence the RSI levels are plunging down very hard. And as the selling volume accumulated heavily it may lower the strength of the rally and increase the volatility rate. And hence the price may undergo extreme price swings for the next couple of days. The Ethereum price with the fresh plunge sliced through the local support and headed towards the $3000 levels. These levels may not be secure as a plunge below $3000 below $2900 appears pre-programmed.