Ethereum is technically and economically bearish, just like Bitcoin. On the daily chart the coin’s price is moving in a sideways direction and just over $3,100. The sellers are still in control since bulls were able to hold firm, but not reverse April 13’s losses. The coin is still in a bearish breakout pattern, and further losses are possible if the bulls do not intervene. Currently, the key reaction levels are $3,000 and $2800. The momentum may change, however, if the price of the stock falls below $3,700.
ETH’s price has been stable in the last day or week. CoinMarketCap shows the price of the coin has dropped by 2% over the last week. Trading volume has remained stable at $10 billion over the last trading day. Sellers will continue to be the dominant force in days ahead, unless there’s a sudden spike in trading volume, which would result in a price increase.
These Ethereum headlines dominated today’s news:
- Ethereum, following implementation of EIP-1559 has incorporated a mechanism for burning. Bitcoin has halved miner reward. ETH is expected to become a deflationary currency based on current projections. Analysts predict that its supply will fall below 1% within a year.
- The spot Ethereum ETFs are set to hit the market in a few weeks after they have been approved. Hong Kong. The derivatives products are a way to inject more liquidity in the market, which is a great development for bulls.
Ethereum Price Analysis
ETH/USD Even with strong fundamentals, a bear is in a formation.
The resistance for ETH is $3,700. Support is around $2,800.
Bulls must break above $3300 even with confidence to encourage bullish participation.
Otherwise, a drop below $2.800 would trigger further losses. This confirms the sideways trend as a distribution.
Ethereum’s value could plummet to as low as $2,600 if sellers seize control.