What Are Ethereum’s Next Crucial Trading Levels As It Slumps?
At the time of writing, Ethereum has fallen farther down the rankings. The currency has lost around 10% of its value in the previous week. Because the purchasers have departed the market, the bears have gained ground. The coin’s technical outlook remained gloomy, and selling pressure increased. The currency would remain in this state for the following few trading sessions. Over the previous 48 hours, the cryptocurrency has also seen a persistent sell-off. Ethereum has fallen below the $1900 support line, which has been in place for a long time. The currency has attempted to rebound in the previous 24 hours, but the bearish price action remains strong at the time of writing. The bears may be putting pressure on the coins to send them below the $1700 threshold.
If the price of ETH falls below $1700, it will lose another 19 percent of its value. To allow the bulls to take a break, ETH must trade over $1900 once more. At the time of writing, the cryptocurrency was worth $1793. This is the first time the cryptocurrency has traded around this price level in a year. The altcoin’s overhead barrier was $1900, and to invalidate negative pressure, the coin needed to trade over $2200. The coin’s local support was $1700, which it might trade below if the bears continue to dictate the market movement. The coin’s volume of trading fell and became green. The chart showed that things were looking up.
On the one-day chart, the Awesome Oscillator was still negative. The red histograms represent negative price movement, and the indicator is designed to depict price momentum. On the chart, the red histograms also show a sell signal. The Directional Movement Index, which determines overall price movement, revealed that the -DI level was higher than the +DI level. The ADS (Red) was over 40, indicating that the present market trend was strong and that the bearishness was likely to persist in the coming trading sessions.
Read more: Is Ethereum the Best Blockchain to Form DAO