Ethereum Price Analysis: Why ETH Could Drop To $2,500 In April
The halving comes, it might be prudent for investors in the retail and institutional sectors to consider buying the dips. Such moves ensure buying low aiming to capitalise on the potential parabolic increase in prices mirroring the bull runs of 2017 and 2021.
Based on blockchain data from IntoTheBlock any attempts by Ethereum price to recover will be met by steady new supply zones. As highlighted by the IOMAP model, the seller congestion area to watch runs from $3,304 to $3,395.
At least 2.61 million addresses purchased 4.56 million ETH in the above range. This robust supply zone signals the struggle bulls may encounter pushing Ethereum price beyond the $4,000 mark.
Support areas have in the last few days weakened significantly however, two regions stand out with the ability to absorb the selling pressure. This includes the range between $2,846 and $2,937 as well as $2,664 and $2,755. If Ethereum price slides below these two support regions, declines may plunge to $2,500.
The Relative Strength Index (RSI) neural and falling at 35 hints at incoming selling pressure. Its technical support at $3,000 although still in line, is unlikely to last longer, hence, it may be wise to prepare for another fall into the $2,000’s.
The outlook of ETH price on the four-hour chart greatly emphasizes the power sellers currently hold. Note that Ethereum sits below all three bull market indicators — the 20-day Exponential Moving Average (EMA), the 50-day EMA, and the 200-day EMA (the blue, red, and blue lines on the chart). If this outlook remains unchanged, further decline will start to materialize closing in on $2,500.
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