Ethereum Price Prediction as ETH Plunges 19%, Time To Buy the Dip?

As of the latest 4-hour chart analysis, the #Ethereum price is exhibiting bearish signals across multiple technical indicators, suggesting potential downward pressure in the near term. The most recent closing prices have been declining, with ETH closing at $2,339.96 after previously closing at $2,312.72, $2,688.92, $2,757.55, and $2,826.98. This downward trajectory indicates that the selling pressure is mounting.

The 9 EMA (Exponential Moving Average) and 20 EMA are both trending downwards, with the 9 EMA currently at 2660.85 and the 20 EMA at $2,839.74. This indicates a strong bearish sentiment, as shorter-term momentum (9 EMA) is below the longer-term trend (20 EMA). Typically, such a crossover suggests that the market may continue to experience bearish momentum.

MACD (Moving Average Convergence Divergence) values are firmly in negative territory, with the MACD line below the signal line. The most recent MACD value is -175.27 with a signal line at -118.55, producing a histogram of -56.72. The widening of the MACD and signal line indicates increasing bearish momentum, with the histogram further confirming the strength of the downward trend.

RSI (Relative Strength Index) values are deeply oversold, with the latest reading at 12.57. Values below 30 typically indicate oversold conditions, suggesting that the asset might be undervalued and due for a potential reversal. However, the RSI being this low also underscores the current bearish pressure.

The Ethereum price is approaching key resistance levels at $3,032.55, $3,066.83, and $3,083.47. Should the price attempt a recovery, these levels will be crucial to monitor. Breaking above these levels would be necessary for any potential bullish reversal, yet the current indicators suggest this is unlikely in the immediate term. $ETH #ETH #altcoins The full analysis and trade strategy were posted on www.ecoinimist.com.