Ethereum price fails to sustain the previous session gains on Thursday. ETH begins with a slow start and retraced to the session’s low in the European session. Currently, the price is struggling around the critical $2,600 mark. It is interesting to watch if the price is able to sustain lower levels.
- Ethereum price wiped out all the previous session gains on Thursday.
- Extended sell-off in ETH if price closes below $2,500 on a daily basis.
- Bears remain in full control below 200-day and 50-day EMAs, despite recent price action.
As of writing, ETH/USD is trading at $2,606.23, down 4.43% for the day. The second-largest cryptocurrency by market cap holds 24-hour trading volume at $13,254,024,520 with a decline of more than 19%.
A receding volume along with declining price indicates sellers lack the conviction to extend the sell-off further. However, few technical formations negate the above arguments.
Ethereum price consolidates near $2,600
On the 4-hour chart, Ethereum’s price is consolidating near $2,600 indicating this is a crucial level to trade. A break below the session’s low could test the downside channel at $2,517.0.
Furthermore, a daily close inside the downside channel will further target $2,350.
On the flip side, a spike in buy orders or shift in buying sentiment could spur the upside momentum. A test of 50-EMA (Exponential Moving Average) at $2,666.50 will pave the way to once again tag the $2,800 psychological level.
Ethereum price is trading inside the downward channel from the highs of $3,045.00 since March 2. The price depreciated 20% till it made lows of $2,449.85. However, ETH made an attempt to pierce above the channel but retraced toward the upper trend line. Now, investors will be convinced of the breakout if $2,600 remains intact.
RSI: The daily Relative Strength Index trades at 46 below the average line.
MACD: The Moving Average Convergence Divergence reads just near the midline with a neutral bias.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.