ETH price sinks extending the previous session’s losses. The price follows the footstep of the BTC, which fell more than 4% amid the panic selling in the crypto space. As the price proceeds toward the crucial 200-EMA on the weekly chart frame, the investors refrain from discount buying opportunities.
- ETH price slid 7% moving in sync with the broader market meltdown on Thursday.
- A move towards $1,700 is what investors are looking for as the price breaks the psychological $2,000 mark.
- However, a daily close above $2,200 would make bulls cheerful.
ETH price continues south
On the daily chart, the selling pressure was structured amid market participants, which leads to heavy profit-booking, and a correction in the ETH price since April 3. Looking back at the chart, the price surged nearly 43% from the lows of $2,499.0 made on March 14. In the process, the price attempted to break a consolidation that extends from January 12. But, the bulls remain unwilling to further extend the gains and fell back to the trading channel.
Now, the current price action suggests the ETH sellers finally won the tug-of-war, as the trading range broke on May 9.
On the weekly chart, a break below the 200-day EMA (Exponential Moving Average) at $1,624.47 would result in further depreciation in the price towards March 2021 lows near $1,400.
On the flip side, a spike in the buy orders might result in a relief rally for the bulls. A move toward the session’s high could mean a recovery back to $2,400.
The relative strength index (RSI) is trading at 43. The oscillator slips below the average line on April 4 after hovering for a while.
As of writing, ETH/USD is exchanging hands at $1,907, down 7.85% for the day.
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