The Ethereum (ETH) price extends its correction rally as the coin loses the $3000 support. The sudden pump over last few months in ETH/USD pair has dropped to the 0.786 Fibonacci retracement level, trying to identify sufficient support. However, a death crossover among the crucial EMAs promotes downfall continuation.
Key technical points:
- The daily-RSI Slope plummeted to the oversold region.
- The 50-and-200-day EMA hints at a bearish crossover
- The intraday trading volume in ETH/USD is $1.19 Billion, indicating a 3% fall.
Source- Tradingview
In our previous coverage of Ethereum technical analysis, the ETH/USD pair displayed recovery signs at $3000 support; however, the coin failed to breach the 200-day EMA reverts and continued to drop lower.
The ongoing sell-off in the crypto market formed six consecutive red candles, which devalued the ETH price by more than 28%. The coin price currently trading at 2424% shows a 50% loss from the All-Time High of $4870.
The ETH/USD technical chart shows the 50 and 200 nearing a deathcross, fuels the current bearish sentiment. Moreover, 20 EMA line provides dynamic to ETH price.
The daily-Relative Strength index(43) slope has plunged to the oversold territory,
Will ETH Bulls Sustain The $2400 Mark?
Source-Tradingview
The ETH prices show a free fall with the breakout 0.618 Fibonacci retracement level which halts near the 0.786 Fibonacci retracement level. The coin price struggles to sustain above the $2300 mark: however, the evening star pattern in the 4-hour chart indicates a possible bearish continuation.
The Average Directional Index (53) shows a rise in the falling trend momentum in the 4-hour chart. Therefore, the indicator suggests a high possibility of a downfall below the $2300 mark.
- Resistance levels- $3000, $3670
- Support levels are $2400 and $2000.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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