The market trend has yet again changed from somewhat bullish or rather a recovery to a yet again bearish trend. The assets are currently being more volatile, where-in the possibility of incurring a notable loss hovers above the crypto space. As Bitcoin price failed to sustain above $36,000, the market quickly trembled down to form a bearish pattern. However, Ethereum price is currently attempting hard to consolidate within these levels but may fail eventually.
The ETH price is looked upon as the asset with a steady rally with a lowered pace. No matter the asset does not undergo a huge upswing at once yet holds strong at the support levels amid the bearish trend. Currently, ETH price is hovering within the most important levels. It earlier broke from the immediate support while swinging just above the next support levels. No doubt it is currently trending within these levels, yet possibilities of a rebound are still pretty low.
Ethereum Price To Plunge Heavily!
As mentioned before, the ETH price has slipped below $2582 support levels and an interim jump assisted the price to keep up the $2400 levels. However, amid the extreme bearish sentiments hovering in the market the. And the asset is expected to undergo an extreme bearish trend in the upcoming days as below mentioned technical indicators point out towards the same.
- The on-balance volume is currently showing a declining trend. This indicator is volume based and hence a decline in the levels signify a bearish trend as no volume is being induced at these specific levels. Therefore, the buyers may be waiting for the price to go down more to jump in.
- On the other hand, the Average Directional Index(ADX) which indicates the strength trend of an asset currently points to an absent or weak trend. Currently, the ADX is around 15.64 in short-term and in such cases the traders avoid trading with trend-strategies as drop in ADX does not indicate a trend reversal but only points out towards the strength of the rally which is weakened.
- The Relative Strength Index(RSI) which showcases the market condition of the assets was hovering within the oversold regions for a couple of days. However even after a substantial growth, a bearish divergence is yet again recorded since the early trading hours.
- The selling volume had mounted heavily over the platform just before the weekend. However, during the weekend, the asset witnessed a significant recovery with huge buying volume accumulated. Woefully, with the fresh day plunge, the buying pressure is eased out, but selling volume also remains pretty less. Therefore pointing towards a strong consolidation.
Collectively, the Ethereum price is currently in a not-so-good position as the fear of a drastic plunge is still hovering above the space. It is pretty important for the asset to keep a close look at the support levels, else a deep dive below $1800 appears to be preprogrammed.