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Ethereum Falls Below 4-Hour SMA: Assessing Impact
Ethereum (ETH), the second-largest cryptocurrency by market value, fell below the 4-hour SMA. Traders and investors use the 4-hour SMA to measure short-term market momentum, thus this technical change is significant.
A cryptocurrency's price below this moving average may indicate a market move from bullish to negative. This may indicate rising selling pressure and a negative trend. This price fluctuation affects Ethereum's future beyond technical research due to market circumstances, investor behavior, and fundamentals.
Ethereum Price 4-Hour Chart
First, ETH's 4-hour price dropped below the 100-day SMA after consolidating. An asset dropping below SMA usually indicates a short- or long-term move in that direction.
The Relative Strength Index (RSI) indicator also suggests that Ethereum may fall for a long as the line has dropped below 50%.
After a bearish candlestick, Ethereum is trying to move toward the 100-day SMA on the daily chart. ETH may have dipped to test the 100-day SMA before rising again.
Finally, the RSI line from the RSI signal is falling out of the overbought zone toward 50%, suggesting ETH may fall further.
Ethereum is trying to fall into the daily SMA, which will send it toward $2,865. If below the indicated level, it might decline further to test $2,147.
ETH will rise toward $4,099 if it rebounds off the SMA. If it breaks below this resistance level, it will test $4,863. If it breaks $4,863, ETH may set a new high.
The market capitalization of ETH is over $443 billion, and its 24-hour trading volume is over $18 billion. Its price is $3,694 and up 0.41%. Last day, its trading volume rose 39.28% while its market capitalization fell 2.97%.
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