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Wednesday, April 24, 2024
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ETH Price Struggles Near $2,800; Is $2,600 Possible?

Rekha chauhan

ETH price started the session on a lower note after witnessing a sell-off in the previous session. The price consolidated in a very tight range with no meaningful price action. ETH price dropped below a significant level that indicates the buyers are still not out of woods. The recent price action suggests ETH slipped below the $3,000 and $2,900 demand zone flipping it into a bearish breaker. The downward is imminent in the entire crypto space, a bounce-back in the largest cryptocurrency could mirror the move in ETH.

  • ETH price exhibits a very range-bound movement with no clear directional bias.
  • Expect an ascent of 14% as the price forms a bottoming pattern on the daily chart.
  • A daily candlestick below $2,600 would invalidate the bullish arguments in the pair.

ETH price trades sideways

Source: Trading view

On the daily chart, the ETH price has formed a strong base foundation around $2,400 extending from January 24 to February 23. Since February 24, the price surged nearly 45% to test the swing highs at around $3,581.60. However, the bulls lack the conviction to carry forward the gains and retreated to test the lows near $2,770.

We expect a resurgence in the buying pressure from the reliable support zone could push the price higher. In doing so, the first challenge would be the critical 200-day EMA at $3,135.50 followed by the highs of April 6 at $3,408.

On the contrary, if the price failed to sustain the session’s low it would trigger a key level to initiate a fresh round of selling. The sellers would drag the price to the lows of March 16 at $2,604.32.

As of press time, ETH/USD is trading at $2,827.20, up 0.36% for the day.

Technical indicators:

RSI: The Relative Strength Index (RSI) is hovering below the average line since April 5. Still, there is no sign of immediate reversal.

MACD: The Moving  Average Convergence Divergence oscillates below the neutral line with receding bearish momentum.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

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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