ETH price fails to capitalize on the previous session’s gains. The price retreated from the session’s highs and is currently trading sub $3,500 levels. Investors should wait for confirmation before making aggressive bids.
- ETH price traded with a negative bias as the week begins.
- More downside pressure could drag ETH toward the 200-day EMA at $3,165.
- The price trades along the ascending trend line above both critical moving averages.
ETH price trades near critical level
On the daily chart, the ETH price remains pressured below $3,500 as the bulls lack the conviction to move beyond the level. Last time, ETH saw the levels in January but could not sustain the momentum as the price sliced the 200-day EMA (Exponential Moving Average). The move triggered a fresh round of selling in ETH when it tested the record lows at $2,159.
Now, a renewed selling pressure could drag the price lower toward the ascending trend line. The trend line, which extends from the lows of $2,445.0 acts as a support for the bulls. Immediate support could be located at lows of Friday near $3,210.
Furthermore, a break below the 200-day EMA would accelerate the selling toward the horizontal support level placed at $3,050.
On the contrary, a spike in the buy orders would strengthen the upside outlook in the asset. A daily close above $3,580 would encourage the bulls to visit the psychological $4,000.
As of press time, ETH/USD trades at $3,490, down 1.01% for the day. The second-largest cryptocurrency holds the 24-hour trading volume at $16,661,637,683 as per the CoinMarketCap.
RSI: The daily Relative Strength Index holds above the average line with no clear direction. Any downtick in the indicator could strengthen the bearish outlook.
MACD: The Moving Average Convergence Divergence steadies above the central line with a neutral bias.
- CZ Fuels Rumors Of Binance’s Trading Service Launch In Dubai
- Just-In: European Central Bank Says Crypto Unsuitable As Store Of Value
- Shiba Inu The Most-Held Token By ETH Whales, Is Metaverse Hype Back?
- South Korean Terra Holders Skyrocketed After Its Crash, Here’s Why
- Verse Metaverse – LA Villa Hand Over On May 30
- Bitcoin (BTC) Faces A Crash To 2020 Lows, Here’s Why
- On-Chain Data: Bitcoin (BTC) Always Pegs Higher Trust Over Ether (ETH) in Bear Market
- Is Terra’s Singapore Office A “Paper Company?”
- Bitcoin (BTC) Options Market Hints Major Downside Risks Over Next 3-6 Months
- Bitcoin (BTC) Fails to Hold $30,000 Again, Guggenheim CIO Predicts A Crash to $8000
- AAVE Price Analysis: AAVE Chart Hints Coin Holders May Lose $100 Mark
- What Next For The Fast Recovering FTM Price?
- Ethereum Price Analysis: Triangle Pattern Foretells Upcoming Rally in ETH
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Solana Price Prediction 2022: Bulls to drive SOL Price to new Highs?
- Theta Price Prediction 2022 : Analysts Insights into the crucial Reversal levels
- Sandbox Price Prediction 2022 : Analysts Show Optimism Towards The Metaverse SAND Token