Ethereum (ETH/USD) Trading Signal for April 30 – May 7, 2024: Sell Below $3,177 (21 SMA – 1/8 Murray) – Prediction – May 2, 2024
Ethereum has been trading at around 3,014.42 under strong bearish pressure and within a downtrend channel since March 6. In the past few days since April 11, ETH/USD has been trying to break the strong resistance of 3,281, but has been unsuccessful and has fallen several times.
On April 28, Ethereum attempted to consolidate above 3,300 but pulled back due to strong bearish pressure. The current bearish cycle is extending. Consolidating below the 21 SMA, the price is expected to reach -2/8 Murray at 2,812 and even the 200 EMA at 2,754.
The bearish pressure on Ether could ease and take profits if it consolidates above 3,281 in the coming days. We can then reach 2/8 Murray at 3,437 and finally 4/8 Murray at 3,750.
The Eagle indicator is sending an oversold signal. Therefore, we believe that Ethereum could get a technical bounce in the coming days if it finds a good bottom near the psychological level of $3,000 or around 2,750.
