Ethereum falls below 100-day moving average
The cryptocurrency market has been experiencing a downward trend since then. BitcoinCryptocurrency leader has reached an all-time high. However, Ethereum (ETH) is not excluded from this downward trend.
After hitting a yearly high of $4,094, Ethereum price is in a downward trend, which has the price trading below the 100-day moving average (MA) on both the 1-hour and 4-hour time frames, but not on the daily time frame.
Will prices continue to fall, or will they change direction and rise? At the time of writing, Ethereum price is trading around $3,360 and is up 0.64% in the last 24 hours.
Ethereum Indicators and Recommendations
Looking at the chart, we can see that technical support levels at $3,067 and resistance levels at $3,681 and $3,591 have been formed. Nonetheless, if the price continues to fall, more support and resistance may emerge.
4-Hour Moving Average: Technical observation of the 4-hour chart as shown in the image below shows that the price is trending below the 100-day period. moving average. This indicates that the price is in a downward trend and could potentially fall further.
4-hour RSI indicator: Relative Strength Index Indicator (RSI) We can see that the RSI signal line is trending below the 50 line. This strongly indicates that the Ethereum price is in a downward trend, as seen in the image above.
MACD Indicator: Looking closely at the MACD indicator over a 4-hour period, we see that the MACD histogram has fallen below the zero line. Additionally, both the MACD line and signal line crossed below the 0 line.
This setup indicates that the price is still bearish and is still likely to fall. The image below provides more details.
possible outcome
If the price Ethereum If it continues its downward trend and falls below the $3,067 support line, it could fall further and form a new support line. However, if the price fails to fall below this support line, a price reversal may occur and a new uptrend may begin. Therefore, there is a possibility that the price will continue its upward trend by breaking through the resistance levels of $3,681 and $3,591, respectively.
Featured image from iStock, chart from Tradingview.com
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