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Home»Altcoins»Ethereum is likely to fall to this key level soon
Altcoins

Ethereum is likely to fall to this key level soon

2023-06-08No Comments3 Mins Read
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Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.

  • Ethereum saw major volatility but was bearishly biased on the 4-hour chart.
  • This downtrend was against the trend in the daily time frame and formed a support zone to watch for a positive reaction.

Ethereum has been trending up the charts since March, but this was in the higher timeframes. They provided a bigger picture of the price action, which continued to favor the bulls. But this did not help in recent days, when bearish momentum prevailed.


Read Ethereum’s [ETH] Price Forecast 2023-24


Ethereum gas prices have fallen to a monthly low, but the number of active addresses took a hit this past week. Market sentiment also remained largely unaffected, according to Santiment data. Will this be enough to stop the downtrend of the past ten days?

Ethereum maintains a bearish structure, but where should short sellers come in?

Ethereum is likely to descend towards this support despite a higher time frame

Source: ETH/USDT on TradingView

Before we examine a short entry, let’s examine the reason behind it. Ethereum was in an uptrend on the daily time frame and therefore buyers still have a good chance of defending the $1700-$1800 support zone. Despite the losses it has suffered since mid-April, key levels such as the $1686 support have not yet broken.

Additionally, the $1700-$1800 support zone has served as a key demand area for ETH investors. This was evidenced by two strong reactions from this zone in May, but both failed to initiate a downward trend.

A Higher High (HH) was formed on May 29 after dropping to $1761 on May 25. ETH bulls failed to follow this move with the formation of a higher low to continue the uptrend.

See also  Bitcoin, Ethereum ETF's bleed millions: 'profitable or nerves over the market'?

Instead, prices fell to $1840 and even lower to $1778, marking it as a lower low (LL). This came after the buyers’ inability to break past the $1915 resistance zone.

Therefore, short sellers can look for entries in the $1850-$1900 area. A move above $1927 will invalidate the bearish idea and can help set stop-loss orders. In the South, the $1760-$1780 area has been significant since early April and can be used to take profits.

The RSI was at neutral 50 and could indicate a failure to turn momentum into bullish in the coming hours. The OBV has been slowly moving higher through much of May, but has seen steady losses over the past week.

Open Interest remained flat despite high volatility

Ethereum is likely to descend towards this support despite a higher time frame

Source: Coin analysis

The jump from $1778 to $1898 saw the Open Interest behind Ethereum increase by nearly $180 million. Still, this was not much for the market and indicated that a majority of speculators could be sidelined.


Is your wallet green? Check the Ethereum Profit Calculator


The downtrend of the spot CVD underlined the bearish pressure in the market. It also helped explain the lack of bullish speculators. The funding rate remained positive, but overall the environment showed that long positions were discouraged.

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Ethereum Fall Key level
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