The preceding month saw a death crossing for the Ethereum currency. According to JP Morgan, the recent development in stacking has made it “More centralised.” A year ago, the price of an Ethereum currency increased by more than 20%.
Ethereum is now trading for $1630.6.
Following a peak of $4868 in November 2021, the price of Ethereum coins began a decline. It has liquefied by more than 81%. This type of decline in the leading cryptocurrency caused the market to go into sell mode. The price of an Ethereum coin fell as low as $881.56 in June 2022. Since then, it has been stabilising in a flat range.
Will Ethereum Coin Continue to Fall After Breaking the Rising Trendline?,Will Ethereum Coin Continue to Fall After Breaking the Rising Trendline?
At 18.45%, the price of an Ethereum coin dominates the whole cryptocurrency market. After Bitcoin, it is the second-most valued cryptocurrency on the market. On the daily chart, the coin appears to be creating a bearish inverted Flag and Pole pattern. The coin has been steadily accumulating value inside the $1750–$1550 range.
After hitting $1750, ETH bulls experience a setback
Overview of the Daily Ethereum Chart
A rising trendline was just broken by the price of ETH, which is a negative indication for the coin. Following the trendline’s break, the price has been settling into a range, which may have confused some sellers. The $1750 mark is a strong barrier for the price of the ETH currency. It is the point on the chart where the price broke down.
Around $1550, the price of ETH coined a new demand zone. There have been three pricing tests thus far. The currency faces more significant resistance levels at $2024 and $2144. The $1361 level is the price’s support level. Given that the Inverted Flag and Pole pattern’s trendline is present here, it is a crucial support level.
A brief look at the RSI and EMA indicators
The Moving Averages Exponentially
A death crossing in the price of the Ethereum currency occurred last month, which is a warning of weakness for the asset. The 50-day EMA is sliding downward, while the 200-day EMA is level. That suggests that sales are robust. The 50-day and 200-day EMAs, respectively, are both present at $1638 and $1802, respectively.
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Index of Relative Strength
There is now a bearish indication for the bulls as the relative strength index is below the 50 mark. We can see that the RSI is sloping downward, which suggests that the momentum is in favour of the bears.
Will Ethereum Coin Continue to Fall After Breaking the Rising Trendline?,Will Ethereum Coin Continue to Fall After Breaking the Rising Trendline?,Will Ethereum Coin Continue to Fall After Breaking the Rising Trendline?