Ethereum Price Declines Further with Double Break of Structure

The Ethereum price has been dropping steadily since it broke through the $4095.0 resistance level. The ETH market witnessed a price surge in February and March. Then the price started going down slowly, forming a bullish flag pattern on the daily chart. Recently, there was a double break of structure (BOS), confirming the bearish trend. In April, the price fell below the important swing low of $3006.0. Afterwards, the price broke through the $2907.0 support level, making the downward trend even stronger.

Key Levels for Ethereum

Demand Levels: $2907.0, $2170.0, $1933.0
Supply Levels: $3728.0, $4095.0, $4869.0

Interpreting the Indicators

The Stochastic indicator signaled an overbought market condition in March, precipitating the price retreat from the resistance zone at $4095.0. Additionally, the Super trend indicator transitioned to a red hue as the price relinquished its overbought status. The conspicuous presence of the red cloud atop the daily candles on the indicator underscores the impending decline.

Outlook and Analysis: The impending market test of the support boundary within the parallel channel is imminent. Simultaneously, the Stochastic indicator teeters on the brink of entering oversold territory. As the price exhibits a zigzag pattern, an upward thrust towards the $3300.0 mark is foreseeable in the near term.

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