ETH price shows a massive decline in the price as the fresh trading week begins. The pair opened the new trading session on a lower note. A further retracement seems to be on the way for ETH before a move to key levels.
- ETH price slides into the negative zone with high volumes on Monday.
- The price breaches the ascending channel indicating the selling pressure in the pair.
- The momentum oscillators turn in favor of bears.
ETH price moves south
On the daily chart, the ETH price flipped the crucial 200-day and the 50-day EMAs (Exponential Moving Average) indicating the buyers are on the backfoot in the altcoin. In addition to that, the ETH price crashed nearly 11% since April 4.
Now, the price took a little breather around the vital support of around $3,000. A daily close below the mentioned level would invite more sellers on the board.
On the downside, the first lower target is placed at $2,750 with no in-between stoppages.
Furthermore, a break of the mentioned level could see the token crash to $2,000 before reassessing the directional bias.
While Ethereum price action might seem pessimistic, the bearish outlook will face invalidation if ETH is sliced above the ascending trend line on the daily chart. The price channel extends from the lows of $2,445.00.
Investors could explore the supply zone extending from the $3,400 and $3,750 in a highly optimistic scenario.
As of press time, ETH/USD reads at $3,037, down 5.32$ for the day.
Technical indicators:
MACD: The Moving Average Convergence Divergence indicates an increased selling momentum still holds above the mid-line.
RSI: The daily Relative Strength Index reads at 45. The outlook remains bearish for the indicator.
- WAVES Token Crashes 50% In A Week, Here’s Why
- Shibarium Dev Says TestNet Close To Launch, Will Shiba Inu Rally?
- ApeCoin (APE) Becomes The Most Traded Token By ETH Whales
- This Historical Event Is Driving Bitcoin (BTC) Price Lower, What’s Next?
- Ethereum’s Non-Exchange Vs Exchange Gap Hits New ATH; Here’s What It Means
- Bitcoin (BTC) Extends Losses, $37K Likely The Next Support Level
- Just In: Elon Musk Decides Not to Join the Twitter Board, DOGE Fans Might Have to Wait
- Don’t Buy Now, BitMEX Founder Arthur Hayes Predicts Crypto Carnage by June 2022
- Elon Musk Wants Dogecoin (DOGE) Payments for Twitter Blue, Suggests New Ideas
- Will Ethereum 2.0 Drive ETH Prices Past $10k?
- Ethereum Price Prediction: ETH Price Breaks Ascending Channel; Ready For $2,750 Next
- Avalanche Price Prediction: AVAX Price Warns Trendline Breakdown
- Ripple Price Prediction: XRP Price Drops 6% ; Heading Toward $0.65 On Daily Chart
- Zilliqa Price Prediction: ZIL Correction Hits Major Technical Supports
- APE Price Prediction: Channel Breakout Sets APE Rally To Hit $15.4
- Dogecoin Price Analysis: 100-day SMA Bolster DOGE Price To Break $0.17
- Ethereum Price Prediction: Can DMA Crossover Prevent ETH From Further Losses?
- Bitcoin Price Prediction: BTC Hints Weekly Closing Below $45000
- Solana Price Prediction: SOL Price Struggles Below 200-day EMA; Is $100 On The Way?
- Polygon Price Prediction: MATIC Drops 14% On Weekly Basis; Ready For $1.25 Next?
