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- 1 The Ethereum Price is trading below 20 the d 50 moving averages, showcasing bearishness on the daily chart.
- 2 ETH price was down by almost 13% in the month demonstrating the bearishness on the daily chart.
Ethereum price prediction suggests that the crypto price is in the bearish territory and has displayed bearish waves in past trading sessions. Moreover, the cryptocurrency is struggling to sustain gains above the key moving averages and is heading in a downward direction on the daily technical chart. The crypto has declined over 13% this month, demonstrating the bearishness in recent trading sessions.
Ethereum Price vs Volume Analysis
The volume and price graph shows that the trading volume has decreased in the last few days, and the price has declined. In the last few days, the price has gone down significantly. However, the price is in correction mode, and it is expected to grow in the long term.
Ethereum Price Prediction: ETH Breaks Below Key EMA Levels What Next?
ETH by writer12_gsm on TradingView.com
The ETH cryptocurrency has been experiencing a decline in its value recently, with prices trending downward on the short-term charts. Additionally, prices have fallen below the key EMA, indicating further weakness.
Technical indicators are also negative, with the RSI hovering near the oversold level of 44 and the MACD forming a bearish crossover with the red band. These signals suggest that the cryptocurrency is likely to face further correction.
The current market situation calls for calmness and patience from traders and investors. It’s best to wait for a clear breakout above or below the range before taking any action. It will help avoid the fear of missing out and minimize losses.
Social Dominance and Social Volume of the crypto is increasing
According to the graph of social dominance and social volume, there has been an increase in awareness and interaction on social media platforms such as X, Instagram, and Telegram over the past few months. This increase has had a positive impact on the price of ETH crypto. The future momentum of ETH crypto prices could depend on social dominance and volume.
Summary
Ethereum price prediction suggests that the price is trading below the key moving averages and has displayed bearish waves. The trading volume has decreased in the last few days, resulting in a significant price decline. The technical indicators are also negative, suggesting the cryptocurrency will likely face further correction. However, there has been an increase in social dominance and social volume on social media platforms, which could impact the future momentum of ETH crypto prices.
Technical Levels
Support level: $2800.58.
Resistance level: $3500.00.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
