Ethereum Price Confirms Death Cross Pattern
- Downward Price Trend: Ethereum (ETH) has plummeted since mid-January, currently trading around $2,000, which is 40% below its yearly high, indicating a weakening market demand that could lead to further declines.
- Death Cross Signal: The 20-day exponential moving average on Ethereum's weekly chart has crossed below the 50-day moving average, forming a death cross, a strong bearish signal suggesting a potential continuation of the downtrend, especially supported by other bearish indicators.
- Support Level Breach: ETH has fallen below the 23.6% Fibonacci retracement level at around $2,200, and if the price continues to drop, it may reach the April 7 low of $1,380, representing a potential 30% decline, which could exacerbate market panic.
- ETF Demand Weakening: According to SoSoValue, Ethereum ETFs have seen $278 million in outflows this month; while this is less than the $1.42 billion lost in November, the cumulative outflows over the past four months exceed $2.6 billion, consistently eroding retail interest.
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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 4 technical signals, shows that 1 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 crypto.
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 | 1699.755 | 1819.287 | 1933.125 | 2052.657 | 2166.495 | 2286.027 | 2399.865 |
| Fibonacci | 1819.287 | 1908.435 | 1963.51 | 2052.657 | 2141.805 | 2196.88 | 2286.027 |
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