Ethereum’s (ETH) price fell today as the overall crypto market traded in the red. Further, ETH hovers in the consolidating range for the past few sessions. Sellers remain hopeful below the important moving average crossover.
- Etherum (ETH) head towards a 20% correction from the current levels.
- ETH price could test January 10 Low line soon with a possible pennate break to the downside.
- The remote support of $2,928 would ask sellers to test September lows of $2,650.
ETH looks for 30% devaluation upon pennate breakdown
Ethereum (ETH) price takes round in a tight trading range inside pennant formation with signals pointing to the downside as bulls fail to hold onto the recent gains extending from the lows of January 9. However, the fight between market forces keeps prices swinging in the range of $32k and $34k.
A pennant could either breakout above or below, still bears hold the dominance while taking the clues from the technical momentum oscillators. The volume rises along the fall in prices at $10,526,745,621 with gains of around 11%.
The MACD (Moving Average Convergence Divergence) holds below the midline with a neutral stance. However, the daily Relative Strength Index (RSI) trades at 38 with a bearish crossover. The technical setup favors the bearish scenario. The low of today touches the lower trend line of the pennant, a daily close below this level would strengthen the bearish outlook for the altcoin for the short term.
Alternatively, if bulls miraculously moved back to the bearish slopping line of the channel and touched 200-EMA (Exponential Moving Average) then bulls will become hopeful to touch $36k as the immediate upside target.
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