2024-5-8 16:00 |
The Ethereum (ETH) price is currently undergoing a correction, with the price approaching significant Fibonacci support levels. Whether Ethereum will break this support bearishly or not remains uncertain.
The possibility of Ethereum reaching a new annual low largely depends on market dynamics and investor sentiment. While there’s always the possibility of further downside, it’s also plausible that Ethereum could reverse its trend and move upward again in the near future.
Ethereum’s Price Trend: Ongoing Correction ContinuesThe Ethereum price has experienced a decline of approximately 31.3% since reaching a recent peak of around $4,094 the month before last. This substantial corrective movement has coincided with a bearish trend in the Moving Average Convergence/Divergence (MACD) histogram since last month.
Despite these bearish indicators, the MACD lines are currently still crossed in a bullish manner, while the Relative Strength Index (RSI) remains neutral. Ethereum is presently encountering significant Fibonacci support at approximately $2,866.
Ethereum Price Analysis. Source: TradingviewShould Ethereum break below this support level, the subsequent significant Fibonacci support is expected around $2,100. However, maintaining a position above this level would likely sustain the bullish momentum in the medium term.
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Additionally, the 50-month EMA at around $1,900 provides supplementary support to the Ethereum price.
Ethereum’s Weekly Outlook: MACD Shows Bearish SignalsIf Ethereum were to break below the current Fibonacci support level, the subsequent significant support is anticipated at the 50-week EMA around $2,520. Notably, the MACD exhibits a clear bearish trend in the weekly chart.
This is evidenced by the MACD histogram, which has been steadily declining in a bearish manner over the past few weeks. Moreover, the MACD lines have crossed bearishly.
Ethereum Price Analysis. Source: TradingviewIn contrast, the RSI remains neutral, and the EMAs continue to maintain a golden crossover, indicative of a bullish trend in the medium term.
Will Ethereum Retrace to $2,866? Analyzing the 0.382 Fib LevelEthereum seems poised to revisit the .382 Fibonacci support level at approximately $2,866, with further support anticipated around the 200-day EMA at roughly $2,814.
Observing the MACD, the lines are approaching a potential bearish crossover, while the MACD histogram has displayed a downward trend over recent days, indicative of bearish sentiment.
Ethereum Price Analysis. Source: TradingviewIn contrast, the RSI remains neutral, offering no clear indications of bullish or bearish momentum. At the same time, the EMAs maintain a golden crossover, signaling a bullish trend in the short to medium term. Thus, the corrective phase appears to persist at present.
Can Ethereum Invalidate Its Current Correction?To nullify the ongoing corrective phase, Ethereum’s price must surpass the 0.382 Fibonacci resistance level at approximately $3,303, followed by the golden ratio at around $3,700, signaling a return to the upward trajectory. However, the indicators on the 4-hour chart predominantly exhibit bearish signals.
Ethereum Price Analysis. Source: TradingviewThe EMAs have formed a death cross, affirming the current bearish trend in the short term. Furthermore, the MACD lines crossed bearishly, accompanied by a downward trend in the MACD histogram, while the RSI maintained a neutral stance.
Ethereum vs. Bitcoin: ETH Continues Its Downward TrendEthereum’s downward trajectory against BTC persists, with Ethereum encountering substantial support at approximately 0.043 BTC, a level it is in close proximity to. The MACD lines have crossed into bearish territory, with the histogram displaying a downward trend since the previous week. Despite this, the RSI remains neutral.
Read more: Ethereum (ETH) Price Prediction 2024 / 2025 / 2030
ETH/BTC Price Analysis. Source: TradingviewMoreover, the EMAs are on the verge of forming a bearish crossover, signaling a potentially prolonged bearish trend in the medium term. Ethereum’s stance against BTC evidently leans bearish.
The post Ethereum (ETH) Price Forecast: Correction Continues With Lower Prices Ahead appeared first on BeInCrypto.
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