ETH Trading at $3000 But Demand on the Decline
ETH swiftly broke below the support level and traded as low as $2852 on May 1st. Its futures contract open interest has significantly declined since April 10th.
Ethereum (ETH) recently crossed above the 20-day simple moving average (SMA), which could lead to a deeper decline in the short term. When the price of an asset goes below the 20-day SMA, this usually indicates that the short-term trend of that asset is bearish. Traders often take this as a sign that sellers are in control and the price may continue to fall.
ETH price movement data on the 1-day chart shows that the price fell below the 20-day SMA on April 30. As selling pressure increased, ETH broke support and closed the trading session on May 1 at low $2850. Although the price has fallen to $2,913 at press time after 24 hours, the upward pressure is still too weak to sustain any significant price increase in the short term.
