Ethereum Analysis Indicates Potential 28% Drop, Supported by Long-Term Holder Insights
Ethereum's Recent Decline: Ethereum has dropped below a key technical level, indicating a potential 28% decline towards a target of $2,140, following a 6% drop in the last 24 hours and a 27% loss over the past month.
Technical Breakdown: The cryptocurrency broke down from a bear flag formation after failing to maintain a price above $2,990, with on-chain data suggesting further declines as long-term holders' unrealized profits trend lower.
Support Levels and Risks: Significant support is identified between $2,801 and $2,823, but Ethereum's recent drop below $2,840 raises concerns about further declines, with potential targets at $2,690, $2,560, and $2,440.
Recovery Requirements: To invalidate the bearish pattern, Ethereum must reclaim and close above $2,840, break through $2,990, and push past $3,240, which would require a substantial upward movement of approximately 15%.
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Technical Analysis for ETH
Technical Sentiment Analysis for Ethereum (ETH) As of , Ethereum (ETH) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for ETH stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, ETH is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Ethereum (ETH) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 733.002 | 1240.401 | 1699.842 | 2207.241 | 2666.682 | 3174.081 | 3633.522 |
| Fibonacci | 1240.401 | 1609.734 | 1837.908 | 2207.241 | 2576.574 | 2804.748 | 3174.081 |
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