The crypto marketplace saw plummets over this weekend. That had Ethereum on a clear road toward the $2,500 foothold (CoinGecko data). The leading alternative coin has lost 4% within the previous day and 18% from Thursday.
Vital support regions – $2,500 and $2,200
Vital resistance zones – $2,800 and $3,000
With the plummeting price and MACD’s bearish cross, Ethereum’s outlook seems ruined. The rejection around the resistance at $2,800 intensified sell-offs. The leading alt head towards the vital support zone of $2,500. Failure to hold here will see ETH in another dive towards January lows of $2,200.
ETH Technical Indicators
- Trading Volume
The previous Friday saw a massive selling momentum following five days in the red. That came as bearish movements had ETH plunging beneath $2,800.
- Relative Strength Index
The daily Relative Strength Index declines, matching the latest price performance. The indicators stood at 38-level during this publication. Also, it has more room to plummet further until the overbought regions (under 30).
- Moving Average Convergence Divergence
The daily MACD witnessed a bearish cross during yesterday’s sessions, and today’s price function highlighted the readings. Meanwhile, the bearish pressure might continue dominating for some time.
For now, Ethereum exhibits bearish biases. So far, the altcoin couldn’t keep the support at $2,800 – $3,000. While publishing this article, Ether changed hands around $2,651.59, highlighting weaknesses.
Near-Term Price Forecast
Ethereum appears on clear downside trends and seems prepared to hit a price zone never seen since the past month. The alt has its first defense line around $2,500, then $2,200. Breaching this floor will see ETH on record lows since 2021 July.
More ETH Falls according to 100 and 200-day EMA
Ethereum steadily approaches the support at $2,575 and a descending trend-line. Buyers need to defend this mark to trigger highs for the alt. With that, ETH can rally towards $3,300. However, sellers smashing this foothold will translate to an additional 10% dive towards $2,300.
The downside 20-, 50-, and 100-day exponential moving average suggest bearish dominance. Furthermore, the 100 and 200EMAs seem ready for a negative cross, encouraging more declines.