Compass Investments

– Ethereum sellers are re-emerging. Evaluation of the daily chart of ETH/USD showed that the moving average is approaching %

Thus, Ethereum (ETH) is at risk of falling below £3,000.

the MACD line crossover point is emerging, indicating that selling pressure and potential downward momentum for ethereum price is on the rise.

the Aroon dip line has risen to 78.57% , confirming the bearish sentiment as recent frequent lows indicate a strengthening downtrend.

major buy support at 3,203 may be broken and ETH could fall to 2,970.

Ethereum (ETH) is currently experiencing significant downward pressure, with prices falling 3% in the last 24 hours. This bearish trend could push the eth price below the critical $3,000 level.

In this analysis, we will look at the factors that influence this probability.

An analysis of the ETH/USD one-day chart shows that the moving average convergence indicator (MACD) is forming a potential death cross. At the moment, the MACD line (blue) is trying to lower the signal line (orange).

This indicator measures the price trend and dynamics of the asset and identifies potential buy or sell signals. A MACD (short-term moving average) line cross occurs when the MACD (short-term moving average) line falls below the signal line (long-term moving average), indicating a bearish trend or momentum reversal. This signal indicates that the selling pressure is intensifying, and asset prices may fall further.

ETH’s rising downward trend line confirms the intensification of bearish pressure. It now stands at 78.57% , which confirms that the ETH price decline is gaining momentum.

The Aroon indicator evaluates the strength of an asset’s price trend using 2 components: the rising Aroon line, which reflects the strength of the uptrend, and the descending Aroon line, which reflects the strength of the downtrend. A rising descending Aroon line indicates that the recent lows are more widespread and indicate the beginning of a bearish growth momentum or downtrend.

ETH is currently trading at 3,333, above the support level formed at 3,203. This level is very important because below this level, ETH will gain 3,000 or less in hands. According to the Fibonacci retracement tool, if this happens, the price of Ethereum will fall to 2,970 yen.