The cryptocurrency market has recorded a significant correction of 3.47% within the past 24 hours. Further, top crypto tokens have displayed a similar price trend breaking down their important levels.
Moreover, the altcoin leader, Ethereum price has recorded the highest correction of about 8% among the top 10 cryptocurrencies by market capitalization. With questions like “Will ETH price retest its low of $2.8K?” and “Why is Ethereum Going Down?”, the crypto market has entered a FUD-like situation.
Dive in as, in this article, we uncover the market sentiments, price analysis, and possible short-term price prediction of the Ethereum token.
After displaying a neutral trend for about a week, the altcoin leader, Ethereum price has failed to break out of its important resistance zone. This has resulted in it recording a correction of 7.30% within the past day with a trading volume of $20.662 Billion, a change of 7.83%.
Notably, the prime reason for the price of Ethereum crypto dropping is considered to be a sell-the-news situation similar to what the crypto market had experienced during the Bitcoin ETF launch in January this year.
Furthermore, this altcoin has formed a triangle pattern in the 1D time frame and has continued trading within it since February. With the current market situation, the ETH price is expected to retest its support trendline.
The Relative Strength Index (RSI) displays a sharp decline in the 1D time frame, suggesting an increase in the selling pressure. Further, the average shows a bearish convergence, suggesting the price will continue losing momentum.
The MACD indicator has recorded a constant descent in the green histogram with its averages hinting at a high possibility of a negative crossover. This highlights a bearish outlook for the altcoin this week.
If the market regains momentum, the Ethereum token will prepare to test its resistance level of $3,272.50. Furthermore, if the bulls maintain the price at that level, it will set the stage for the ETH coin price to test its upper resistance level of $3,700 during the upcoming weeks.
Conversely, if the bears continue to dominate the crypto market, the Ethereum price will plunge toward its support trendline of the triangle pattern. Moreover, if the bulls fail to hold the price at that level, the altcoin leader will prepare to test its crucial support of $2,870.
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