Ethereum (ETH) is trading lower this Sunday (24), struggling to maintain the US$ 3,300 level as support.
With a daily devaluation of 4%, ETH seems increasingly distant from its annual high above the psychological level of US$ 4 thousand.
Therefore, check out below what technical analysis has to say about the price movement of the second largest cryptocurrency in the world.
Ethereum loses support
The 4-hour chart below shows that Ethereum, with its recent drop, has lost support offered by the 9-period (blue) and 21-period (orange) exponential moving averages. These EMAs had been acting as support since they made a bullish crossover last Thursday (21).
ETH is now struggling to hold support at its last low at $3,280. If it falls below it, it could return to a consolidation pattern (blue rectangle) that it has been trading in for the past few weeks.
Ethereum (ETH) chart on TradingView
It is worth noting that the Relative Strength Index (RSI) supports this bearish scenario, as the indicator has lost its neutral line of 50. This movement shows that sellers are gaining strength and taking control of the market, which could push the cryptocurrency's price lower.
In this sense, the technical signals are even more bearish on the 1-hour chart. At this time, the EMA crossover has turned negative again, which shows that ETH is trading at increasingly lower levels in the short term. In addition, the RSI is close to the 70 threshold.
Ethereum (ETH) chart on TradingView
Therefore, if it loses its last level, ETH could test the support of US$ 3,230, and could even fall to US$ 3,000 in the medium term if the current downward trend continues.
On the other hand, a bounce above $3,450 would indicate that a new yearly high above $4,000 is still in play.
The article Ethereum (ETH) Forecast: How Can the Price Behave Today? was first seen on BeInCrypto Brazil.
