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The king of cryptocurrencies took a downward turn shortly before the weekend and is searching for its new bottom as this article is being prepared. Even though it recovers quickly after declines, this time sellers seem more willing. So what is the current situation on the Ethereum front? What awaits investors?
Ethereum (ETH)
ETH price has now dropped to $3,800, and this series of losses happened very swiftly. While the Bitcoin price was testing $69,300, Ether is trying to hold the $3,800 level. ETH, the second-largest cryptocurrency by market value, saw a 56% increase last month from $2,500.
ETH, whose all-time high is in the $4,626 region, now seems to have reached its local peak as it moves away from the key area. This is a trend usually seen before sharp declines. Since 95% of investors are now in a profitable position, experts were already expecting this to happen. A similar situation was also true for BTC.
The daily MACD on the chart draws attention with the histogram’s tendency to create red candles in the coming days. This is another indicator confirming the decline that will start after the local peak. Similarly, the RSI also reflects the downward trend.
ETH Price Prediction
Ethereum price caught a significant opportunity for new highs above the three-year resistance range of $3,582 to $3,829. However, it could not capitalize on it as expected. Despite the Dencun and the upcoming ETF decision dates, there was no major hype triggered in the market.
Compared to other altcoins, ETH remains significantly weak and will likely want to test the $3,582 level in the coming hours or days. Considering the daily low is at $3,760, we can say that it’s not far from this target.
During the test, triggering oversold conditions could lead to a deeper bottom. This could mean larger losses towards $3,336. ETH investors should be much more cautious about closures below $3,829. Especially as BTC continues to linger around the $69,000 area and has started to do so more frequently, altcoins wanting to move cautiously may begin large sell-offs.
