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Ethereum

Ethereum (ETH) Bulls Brace For Quick Drop As Charts Predict 10% Downswing

Christian Encila by Christian Encila
3 months ago
in Cryptocurrency Market News
Reading Time: 3 mins read

Ethereum (ETH) price has shown signs of a potential downturn as it reached an exhaustion of bullish momentum, signaling a possible drop in the near future. According to analysts, ETH has produced a clear sell signal, indicating a shift in the cryptocurrency’s trend. 

The world’s second-largest cryptocurrency by market capitalization has been on a bullish run for the past few weeks, with its price surging by more than 34% in just a matter of days, according CoinMarketCap data.

The digital asset has been benefiting from a strong market sentiment, as well as the growing interest in decentralized finance (DeFi) and non-fungible tokens (NFTs). However, experts are suggesting that this could be an opportunity for long-term investors to accumulate and take advantage of the potential dip.

Related Reading: Ethereum Unsettling Investors As Downward Price Potential Grows

Ethereum Price To Face Immediate Resistance

Like Bitcoin, Ethereum has been experiencing a bullish trend and traded above $1,800 earlier today, although it has since fallen to $1,759 at the time of writing.

Other cryptocurrencies such as Litecoin (LTC), Dogecoin (DOGE), Solana (SOL), and Ripple (XRP) have also seen significant gains.

ETH/USD pair is positively biased, its upward momentum is not as strong as Bitcoin’s. Ethereum is currently struggling to break through the $1,800 level and may face resistance at $1,900 if it does.

Despite Ethereum’s price reaching higher highs since March 14, its relative strength index (RSI) and Awesome Oscillator have produced lower highs, indicating a divergence. Divergence can lead to declining momentum and a potential reversal in price.

In the context of cryptocurrency prices, divergence refers to a situation where the price of a particular cryptocurrency moves in a different direction than that of a related asset or benchmark.

ETH total market cap now at $214 billion on the daily chart at TradingView.com

For example, if the price of Bitcoin is rising, but the price of Ethereum is falling, this could be considered a divergence between the two cryptocurrencies.

This phenomenon can occur due to a variety of factors, such as differences in market sentiment, news events, or technical factors affecting each cryptocurrency.

Traders and investors may use divergence as a signal to adjust their trading strategies, as it can indicate a shift in market dynamics or potential opportunities for profit.

Related Reading: Bitcoin Price Barrels Past $28,000 – Can BTC Keep Pushing This Week?

Bullish Thesis At Stake

Although Ethereum’s price has been on an upward trend, it is possible that it may experience a 10% drop and fall to either the psychological level of $1,600 or the monthly level of $1,677. This potential drop should be approached with caution, as it could signal a shift in market sentiment.

Specifically, if the price drops below the $1,600 level and continues to experience selling pressure, it could lead to the $1,422 level becoming a resistance level and invalidate the optimistic outlook for Ethereum.

-Featured image from EthereumPrice

Tags: cryptoETHethereum
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Christian Encila

Christian Encila

Christian is a former journalist and editor, as well as a layout design consultant, who previously held leadership positions at Sun.Star News Philippines and Ang Peryodiko News, a local daily in Manitoba, Canada. Alongside his passion for writing, he is an avid fan of cryptocurrency and works tirelessly throughout the week. When he's not on his computer, you can find him tinkering with his old motorbike as a grease monkey, or lounging on the patio hammock while pondering about artificial intelligence and whether he'll ever understand his cat's thoughts and calmness.

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