Ethereum At $3028, Where Is The Next Critical Support Level For ETH?
14 April 2022 - 11:00AM
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Ethereum was priced at $3030 and the altcoin king noted a sharp
decline of 11% in the past week. Major cryptocurrencies are all on
a downtrend, after breaking past their immediate support levels.
Bitcoin was priced below $40k and had declined by 12% over the past
week. The global cryptocurrency market cap stood at $1.96 Trillion
after a decline of 0.2% over the last 24 hours. Ethereum had
witnessed a selling spree in the last week but over the last 24
hours, the coin tried to recover from the grasp of sellers,
however, buying pressure is yet to resurface in the market.
Recently, Ethereum developers went live with their Mainnet Shadow
Fork. Ethereum Price Analysis: Four Hour Chart Ethereum was priced
at $3028.86 and the coin has been hovering around the
aforementioned price level over the past 48 hours. Immediate
resistance for the coin stood at $3085.60 after the coin has been
rejected from that level a couple of times in the past few days.
Continued rejection from the resistance mark can push Ethereum to
trade near the $2839.12 support level. A fall to that level would
mean a 6.44% decline. In case the bulls resurface, the coin would
aim for the resistance mark at $3391.95 and then at
$3609.61. Trading volume was in red which signalled that
buyers were less in number at the time of writing. Related Reading
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Technical Analysis Ethereum was hovering in the oversold territory
over the last 72 hours, at the time of writing the coin struggled
to witness considerable buying pressure. On the Relative Strength
Index, the coin was seen below the 50-mark because Ethereum was
oversold and undervalued at press time. Over the last week, RSI has
mostly remained below the half-line. On the 20-SMA, ETH was seen
placed below the 20-SMA line and this corresponded with the reading
on the RSI. ETH’s price momentum was driven by sellers according to
the aforementioned indicator. Ever since ETH was on a selling spree
which is roughly a week back, the coin started to display bearish
price action as it flashed a bearish momentum. At the press time,
ETH continued to display bearish price action and the coin had
witnessed the bulls taking over for a very brief period of time
which referred to a few hours. MACD at the moment was still
negative as the indicator was seen below the zero-mark. This
signals the strength of the bears. It is quite early to say if,
over the upcoming trading sessions, ETH would pick up price
momentum. MACD has displayed a bullish crossover, with tiny green
histograms resurfacing, however, continued price movement in the
same direction will cause the indicator to remain below the
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