- After reaching a peak of $3573 on April 3rd, the cryptocurrency has fallen by 57.5%.
- Ethereum has been down 11.78% in the last 24 hours.
As the weekend approached, the ETH price dropped sharply, falling over 15% in the previous two days. Since the altcoin’s plunging price has violated the critical $1515-1675 annual support level, another downward leg is likely. Ethereum has dropped to $1,462, its lowest point since January 2021.
The recent intense selling of Ether’s price may be seen in the weekly time frame chart’s ten consecutive red candles. After reaching a peak of $3573 on April 3rd, the cryptocurrency has fallen by 57.5% to the price of $1474.
Danger of Losing Another Key Support Level
A sinking trend line has since mid-May restricted the buyer’s activity, which has led to the decline. The ETH price has fallen by 11 percent today, providing a strong follow-up to the breach of support. Another short-selling opportunity may present for traders should the cryptocurrency return to retest the falling trend line and the flipped resistance of $1675.
The latest price decline has pushed the weekly 200 EMA below it, putting holders of Ethereum in danger of losing a key level of support. If the weekly close falls below this EMA, the market will likely continue its downward trend in the next week.
Sellers might further this downtrend based on the RSI slope, which is nearing oversold weekly territory. Since the cryptocurrency is being oversold, it may undergo a modest correction. Ether’s price displays indicators of a death cross on the three-day chart. To put it another way, this bearish indication shows that the cryptocurrency is headed for even greater losses. According to CMC, the Ethereum price today is $1,468.79 USD, with a 24-hour trading volume of $27,108,907,365 USD. Ethereum has been down 11.78% in the last 24 hours.
