ETH Price Falls by 8%: Will the Decline Accelerate?
The price of Ethereum (ETH) has fallen by nearly 8% in the past 24 hours, approaching the loss of its $400 billion market capitalization. Sell-off fuels ETH gains relative strength index to 27.1, the lowest level since December 20, indicating oversold conditions and weak market sentiment.
ADX indicates that the current downtrend is strong, with bearish momentum taking over as -DI exceeds +DI. If the downtrend continues, ETH may test key support levels, but a reversal could allow it to challenge resistance and regain upward momentum.
Ethereum RSI hits lowest level since December 20
Relative Strength Index (RSI) Ethereum It plummeted from 66.3 to 27.1 in one day. RSI is a technical momentum indicator that measures the speed and magnitude of price changes on a scale from 0 to 100.
Typically, values above 70 indicate overbought conditions, indicating a potential pullback, while values below 30 indicate oversold conditions, often signaling a possible recovery. ETH’s current RSI level is 27.1, its lowest level since December 20, reflecting clear bearish momentum and heavy selling pressure in the market.
At this deeply oversold level, Ethereum The RSI suggests that the recent sell-off may have been overdone, setting up potential conditions for a rebound if buying interest re-emerges.
However, the sharp decline also highlights weak market sentiment, which could lead to continued downward pressure if current trends continue.
ETH DMI shows strong downtrend
Ethereum The Average Directional Index (ADX) currently stands at 41.9, reflecting a strong market trend. ADX is a technical indicator that measures the strength of a trend, regardless of its direction, ranging from 0 to 100. Values above 25 indicate a strong trend, while values below 20 indicate weak or lack of momentum.
ETH’s ADX has grown steadily since December 3, indicating that the current market trend, although bearish, is strengthening and remaining solid.
+DI, which represents buying pressure, has fallen sharply to 12.7 from 33.6 a day ago, indicating that the bullish momentum has weakened significantly. Conversely, -DI, which reflects selling pressure, has surged from 8.7 to 32.5, highlighting the growing bearish dominance.
This configuration confirms Ethereum price Firmly in a downtrend, sellers maintain control. If this trend continues, the price of ETH may face continued declines unless buying pressure revives to offset the growing bearish momentum.
ETH Price Prediction: Death Cross Is Imminent, While $3,448 Resistance Is Key
Ethereum The EMA line indicates the possibility of a death cross, which is a bearish signal when the short-term EMA is below the long-term EMA. If this formation occurs, it could exacerbate the ongoing correction.
A break below the key support levels of $3,297 and $3,096 could push Ethereum price A further drop to $2,723 could result in a loss of 18.8%.
From a bullish perspective, Ethereum price If it holds key support levels and reverses the current trend, it could regain momentum. In this case, ETH may test the $3,448 resistance, and a successful breakout could lead to $3,546 or even $3,827.
Disclaimer
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