The Ethereum price dropped more than 2% over the past 24 hours to trade at $2,473.69 at press time as investors dump the leading altcoin.
The Ethereum Price Falls Out of a Positive Channel
4-hour chart for ETH/USDT (Source: TradingView)
Over the last 48 hours, the Ethereum price experienced a decline, exiting a previously positive price trajectory and revisiting the support level at $2,440. Despite bears’ efforts to push ETH below this threshold, they failed to sustain a 4-hour candle closure beneath it. Subsequently, bulls have rallied in support of altcoin, as indicated by the wicks under the recent 4-hour candles.
If the upward momentum continues and buyers further elevate the Ethereum price, it could potentially reach up to $2,685 in the coming days. Surpassing this mark might pave the way for Ethereum to approach the $2,840 resistance level. Conversely, if a 4-hour candle closes below $2,440 in the next 12 hours, this optimistic outlook could be negated, potentially leading the Ethereum price to drop towards the next support level at $2,295.
The 4-hour chart’s technical indicators for Ethereum suggest a bearish trend. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are signaling bearish conditions. The MACD line’s descent below the Signal line indicates that the negative trend for the altcoin may persist. Furthermore, the RSI’s position below its Simple Moving Average (SMA) line hints at a stronger selling pressure compared to buying. This imbalance could make it more feasible for bears to lower Ethereum’s price in the next 24 hours than for buyers to drive an increase.
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