Why Ethereum Price May Fall Under $3,000
Ethereum (ETH) is currently facing significant downward pressure, with its price falling by 3% in the past 24 hours. This bearish trend could push the price of ETH below the key $3,000 price level.
This analysis examines the factors that contribute to this possibility.
Ethereum sellers reappear
assessment ETH/USD one-day chart It was revealed that the coin’s Moving Average Convergence Divergence (MACD) indicator is forming a potential death cross. As of this writing, the coin’s MACD line (blue) is trying to break below its signal line (orange).
This indicator measures an asset’s price trend and momentum and identifies its potential buy or sell signals. A MACD Death Cross occurs when the MACD line (short-term moving average) crosses below the signal line (long-term moving average), indicating a bearish trend or momentum reversal. This signal indicates that selling pressure is building and asset prices may fall further.
ETH Rising Alon Descending Line This strengthening of bearish pressure is confirmed. It is currently at 78.57%, confirming that the downward momentum of ETH price is increasing.
The Aroon indicator evaluates the strength of an asset’s price trend through two components: the Aroon ascending line (reflecting the strength of an upward trend) and the Aroon descending line (reflecting the strength of a downward trend). A rising Aroon descending line indicates that recent lows are occurring more frequently, indicating increasing bearish momentum or the beginning of a downtrend.
ETH Price Prediction: Key Support Levels to Watch
ETH is currently trading at $3,333, above the support formed at $3,203. This level is crucial as a fall below it would cause ETH to trade below $3,000. According to the readings from the Coin Fibonacci Retracement Tool, If this happens, Ethereum price will drop to $2,970.
However, resurgent demand for major altcoins will invalidate this bearish thesis. If this happens, Ethereum will rise to $3,500.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
