Ethereum Price Dive: Key Support Broken and Market Sentiments
Amid increased volatility in the crypto market, top tokens have displayed negative price action since the start of the week. Bitcoin is hovering around the $59,000 level, and Ethereum has plunged below its crucial support of $2,500. With growing questions such as “Will ETH price hit $3K?” and “How high will Ethereum price go in 2024?” investors are increasingly concerned about their investments in this digital asset.
In this article, we cover the current market sentiments, price action, and potential price targets for Ethereum, the second-largest cryptocurrency by market capitalization.
ETH Coin Price Breaks Its Crucial Support Zone
Ethereum has experienced an 8.12% drop in the past day, falling below its important support zone. Additionally, the altcoin has broken down from an ascending triangle pattern on the 1D time frame, indicating increased selling pressure over buying.
Key statistics:
- Past week decline: 5.66%
- Past 30 days decline: 23.68%
- Current trading price: $2,459.80
- Market capitalization: $295.658 billion
Ethereum Market Sentiments
The MACD indicator shows a consistent decline in the green histogram, suggesting a high likelihood of a bearish convergence on the 1D time frame. This points to increasing selling pressure in the ETH market.
Additionally:
- The Relative Strength Index (RSI) has sharply plunged toward the oversold range.
- The average RSI trendline has recorded a negative crossover, highlighting a negative outlook for Ethereum in the near term.
Will ETH Price Reclaim $3,000 This September?
If the market regains momentum, Ethereum could reclaim its resistance level of $2,500. Maintaining this level might set the stage for Ethereum to reach its upper resistance level of $2,800 in the coming week.
Conversely, if bearish trends persist, the ETH price may plunge toward its crucial support trendline of $2,200.
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