Ethereum (ETH) price continues to slide down Thursday as the long-term downtrend extends. ETH opened lower but quickly recovered to test the session high at $2,972.07. However, the rally quickly spiraled out of control and broke the critical USD 2,900 mark.
Ethereum (ETH) price is trading lower on Thursday amid market uncertainty and volatility. ETH continues to be under pressure below the 200 EMA at $3,245. A bearish pattern formed on March 2 could result in a 12% drop from current levels.
At press time, ETH/USD is trading at $2,904.32, down 1.56% for the day. The 24-hour trading volume of the second largest crypto currency is $345,782,416,688 according to CoinMarketCap.
ETH continues to fall
Source: Trade View
The price of Ethereum (ETH) is finding it difficult to hold the critical level of $3,000 as ETH has fallen more than 4% since it hit highs on Wednesday. The current price action shows that bulls are not willing or interested in maintaining the upward momentum in the asset.
The formation of a ‘Doji’ candlestick in the previous session followed by red candlesticks is a perfectly bearish ‘Evening Star’ pattern. The Evening star pattern is formed when the price is in an uptrend with declining upward momentum or lack of investor confidence.
Now a decisive close below USD 2,800 will lead to another round of selling in the pair. The immediate downside target can be found in the horizontal support zone at $2,560.78.
Then the price could once again hit the February lows placed at $2,300.
Alternatively, an uptick in buying pressure could wipe out the bearish outlook at least in the near term, with the first resistance hurdle hitting the previous session’s high of $3,045.00. Further, if bullish momentum continues, bulls will hit the 200-EMA (exponential moving average) at $3,235.
RSI: The Daily Relative Strength Index (RSI) is trading at 50 with a bearish tilt. Any downward trend in the indicator would result in a continuation of the downward momentum.
MACD: While moving average convergence divergence (MACD) is hovering below the midline, it remains slightly bullish.
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