NewsletterETH Price Prediction: Potential Bull Trap Threatens Ethereum Price for 7% Drop
ETH Price Prediction: The Ethereum price fell for the fourth consecutive day and breached the $1680 support. The buyer’s failure to sustain above the recently reclaimed support indicates a fake breakout scenario undermining the range breakout of April 4th. If the supply pressure persists, the breakout traders might get forced to liquidate for short stop loss which will intensify selling and trigger a longer correction.
Key Points:
- A bearish breakdown from $1680 sets the Ethereum price to a potential downfall to $1700
- The rising daily EMAs(20, 50, 100, and 200) could assist buyers to maintain an overall uptrend.
- The intraday trading volume in Ether is $5.7 billion, indicating an 11% gain
Source- Tradingview
On April 4th, the Ethereum price bullish breakout from a three-week consolidation was a sign of uptrend resumption. Furthermore, the prices reached a high of $1942 and reverted back to retest the breached resistance of $1860-$1842.
However, as the market uncertainty continues the ETH buyers are struggling to sustain above the flipped support. Today, the coin price is down 0.8% and breached the $1860-$1842 zone to currently trade at $1833.
Also Read: Top 6 Liquid Staking Platforms On Ethereum
If the daily candle closes below $1842, the prior breakout would be marked as fake out to trap the aggressive buyers. The mentioned area of interest turning back into resistance will encourage sellers to prolong a significant correction.
The potential downfall could tumble the prices by 7% to reach the $1700 support.
Conversely, if the buyers push the prices back above $1860 by the day’s end, the coin price may reattempt to prolong the bullish trend.
Technical Indicator
RSI: A bearish crossover between the MACD(Blue) and signal(orange) may encourage sellers to bolster a significant correction
EMAs: the dynamic support of 20-day EMA act as final support to prevent possible correction.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1830
- Trend: Bearish
- Volatility: Low
- Resistance level- $1860 and $2030
- Support level- $1700 and $1500
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