Ethereum’s price has been dropping rapidly over the past few weeks, and while it has seemingly slowed down, more downside movement is still possible.
Technical Analysis
By Edris Derakhshi (TradingRage)
The Daily Chart
On the daily chart, it is evident that ETH has been experiencing a massive crash since breaking below the 200-day moving average, which is currently located around the $3,000 mark.
While the price has even tested the $2,100 support zone during the crash, it has recovered and is currently testing the $2,700 level from below. If the market is able to reclaim this level and the 200-day moving average soon, a new bullish trend could begin. On the other hand, if it fails, the $2,400 support level will be the first target for a subsequent bearish move.
The 4-Hour Chart
Looking at the 4-hour chart, things look more interesting, as the asset has been moving inside a descending channel pattern lately.
Yet, the market is about to test the higher boundary of the pattern, and in ca
We współpracy z: https://cryptopotato.com/ethereum-price-analysis-eth-faces-deeper-troubles-risks-falling-to-2-4k/
