{"id":227418,"date":"2022-04-12T03:00:47","date_gmt":"2022-04-11T21:30:47","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=227418"},"modified":"2022-04-11T20:58:01","modified_gmt":"2022-04-11T15:28:01","slug":"why-ethereums-eth-next-stop-downward-is-2900","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/why-ethereums-eth-next-stop-downward-is-2900\/","title":{"rendered":"Why Ethereum’s [ETH] next stop downward is $2,900"},"content":{"rendered":"

Ethereum price showed a bullish future since mid-March. As it moved into the first week of April, ETH started to slow down its momentum, leading to a reversal. Due to the reversal, the smart contract token has set up a classic bearish setup that indicates a further downside.<\/p>\n

Ethereum price reverses its trend<\/h3>\n

Ethereum price action between 24 January and 27 March set up a symmetrical triangle pattern with three lower highs and four higher lows which are connected using trend lines. The 34% target for this pattern is obtained by measuring the distance between the initial swing points of the triangle and adding it to the breakout point at $2,837.<\/p>\n

Although ETH breached the upper trend line of the symmetrical triangle on 18 March, it failed to reach its target of $3,818. Instead, the Ethereum price created a bearish breaker. This technical formation contains a market structure break followed by a flip of the demand zone formed in between the two peaks.<\/p>\n

Likewise, ETH set two higher highs at $3,484 and $3,583 on 29 March and 3 April, respectively with a demand zone formed in between these two peaks that extended from $3,263 to $3,448. However, on 6 April, ETH breached this demand zone, flipping it into a bearish breaker.<\/p>\n

Now, interested investors can wait for Ethereum price to move higher and retest the said breaker to short ETH.\u00a0 A spike in selling pressure will likely knock Ethereum price to $2,952. This short position would yield a 10% gain, but ETH has already begun its journey to the south.<\/p>\n

In a dire case scenario, a breakdown of the $2,952 support level, ETH could crash to $2,572, where buyers can jump in and start accumulating ETH for a discount and alleviate the selling pressure.<\/p>\n

\"\"<\/a>
ETH Perpetual Futures | Source: Tradingview<\/figcaption><\/figure>\n

Adding a tailwind to the bearish outlook for Ethereum price is the 30-day Market Value to Realized Value (MVRV) model. This indicator is used to assess the average profit\/loss of investors that purchased ETH tokens over the past month.<\/p>\n

A negative value below -10% indicates that short-term holders are at a loss and is typically where long-term holders tend to accumulate. Therefore, a value below -10% is often referred to as an \u201copportunity zone.\u201d<\/p>\n

\"\"<\/a>
30-day MVRV Ratio | Source: Santiment<\/figcaption><\/figure>\n

After the recent run-up to $3,500, the MVRV was hovering around a local top at roughly 10%. Therefore, the current downswing complements the ongoing downswing. Interestingly, the local bottom for ETH based on the MVRV is around -9.3%, suggesting that a further downswing is likely.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ethereum price showed a bullish future since mid-March. As it moved into the first week of April, ETH started to slow down its momentum, leading to a reversal. Due to the reversal, the smart contract token has set up a classic bearish setup that indicates a further downside. Ethereum price reverses its trend Ethereum priceContinue reading “Why Ethereum’s [ETH] next stop downward is $2,900”<\/span><\/a><\/p>\n","protected":false},"author":49,"featured_media":227421,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,32,66,3,4,20],"tags":[],"class_list":["post-227418","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nWhy Ethereum's [ETH] next stop downward is $2,900 - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Ethereum price showed a bullish future since mid-March. 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