Ethereum (ETH) Price Prediction: ETH Could Fall Another 20% If It Loses This Key Support

By Rekha chauhan
February 24, 2022 Updated February 24, 2022
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Ethereum Price Analysis: Bloodbath On Crypto Market Triggers Fallout From Descending Wedge Pattern

Ethereum (ETH) price trades negatively consecutively for the second session amid geopolitical tensions. The mounting selling pressure and lack of buyers conviction could lead the price to probe further lower. Investors anticipate Ethereum’s sell-off to continue in the coming few days.

  • Ethereum’s (ETH) price fell almost 300 points on Thursday.
  • In a quick reaction to Russia attacking Ukraine, ETH broke below $2,500.
  • Expect further depreciation of 20% if the price slips below $2,300.

As of press time, ETH/USD is trading at $2,366, down 8% for the day. The second-largest cryptocurrency by market cap held a 24-hour trading volume of $22,164,876,265 with 46% gains. The fall in prices along with higher volumes is a bearish signal.

Ethereum price looks for signs for reversal

Source: Trading view

On the daily chart, Ethereum (ETH) has been pressured below the crucial 200-day and 50-day EMA since December 4 suggesting investors collect the liquidity toward the crucial demand turned supply zones.

Recently, ETH peaked at $3,284.75 but could not sustain the higher levels and retraced back to the $2,300 demand zone.

On above volume accompanied the recent price action indicating the continuation of the downside momentum.

A daily close below the session’s low would drag the price toward January’s low at $2,159.0

Furthermore, a resurgence in the selling pressure could seek another 20% downfall to the lows of $1,718.41.

Till now, everything seems to favor the bearish sentiment but if the price makes an effort to pierce above the critical $2,500 level then a reversal is plausible. Market participants shall ask for $2,800 next.

Technical indicators:

RSI: The Daily Relative Strength Index (RSI) continues to trade lower, currently reading at 30.

MACD: The Moving Average Convergence (MACD) falls below the midline with 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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