September 30, 2022

Ethereum Price Analysis: ETH Drops Below $4K, This is the Next Critical Level to Watch

2 min read

ETH has actually lost the $4,000 essential level as soon as again. In the following analysis, we will attempt to comprehend what it suggests for the second-largest crypto over the next short-term.

Secret Support levels: $3,738

Secret Resistance levels: $4,000, $4,435, $4,868 (ATH)

After a couple of days preserving the vital level above $4,000, ETH’s rate dropped below this crucial cost area, which has actually reversed into solid resistance. The momentum was merely not there to sustain a rate above it. As mentioned in the past, the current cost move was followed by a low amount of trading volume.

The existing support lies at $3,738 and will likely be retested if bulls do not step up quickly.

Chart by TradingView Technical Indicators Trading Volume: As said previously, the volume was very low at the start of this week and bears took advantage today. Rate slipped on renewed volume, which is bearish. RSI: The day-to-day RSI is decreasing also, and it is under 50 points, showing that bears are in control of the cost action.

MACD: The day-to-day MACD remains bullish and is losing momentum. The histogram and moving averages may soon turn to the bearish side if the current drop continues.

Chart by TradingView Predisposition

The predisposition for ETH is bearish right now due to the present price action.

Short-Term Price Prediction for ETH

ETH failed to hold above $4,000. This is a significant warning and might encourage sellers to push ETH lower to the present support at $3,738. It is not likely that ETH can recover anytime quickly; therefore the best hope is for the price to hold above the essential support as bulls collect their forces.