Ethereum price is unable to hold on to gains from the previous session on Thursday. ETH is off to a slow start, returning to session lows in the European session. Currently, the price is struggling around the critical $2,600. It will be interesting to see if the price can sustain lower levels.
Ethereum price wiped out all gains from the previous session on Thursday. Extended sell-off in ETH if price closes below $2,500 daily. Bears are in complete control of the 200- and 50-day EMAs, despite recent price action.
At the time of writing, ETH/USD is trading at $2,606.23, down 4.43% for the day. The second largest cryptocurrency by market capitalization has a 24-hour trading volume at $13,254,024,520 with a drop of more than 19%.
A declining volume and a falling price indicate that sellers are not convinced to extend the sale further. However, few technical formations disprove the above arguments.
Ethereum Price Consolidating Near $2,600
Source: Trade View
On the 4-hour chart, Ethereum’s price is consolidating near $2,600, indicating that this is a critical level for trading. A breach below the session low could test the downward channel at $2,517.0.
Additionally, a daily close within the downward channel will further target $2,350.
On the other hand, a spike in buy orders or a shift in buy sentiment can boost upward momentum. A test of 50-EMA (exponential moving average) at $2,666.50 will pave the way for it to reach the psychological level of $2,800 again.
Ethereum price is trading in the downward channel from the $3,045.00 highs since March 2. The price fell 20% to the low of $2,449.85. However, ETH made an attempt to break above the channel but returned to the upper trendline. Now investors will be convinced of the breakout if USD 2,600 remains intact.
RSI: The daily Relative Strength Index is trading at 46 below the average line.
MACD: The moving average convergence divergence reads just near the centerline with a neutral bias.
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This post Ethereum Price Prediction: Downside Remains Intact Below $2,500, An Opportunity To Sell?
was published first on https://coingape.com/markets/ethereum-price-prediction-downside-remains-intact-below-2500-an-opportunity-to-sell/