Ethereum Trades Below $3,000 Support, Why Is ETH Falling Since November?

2022-4-29 13:00

Ethereum has been on quite the journey, from splitting to creating its market presence within a few years. And now, they are looking at saving electricity and other concerns put forth by analysts with their latest validation protocol. The cryptocurrency supports several blockchain networks through its layers-2 services and validations. 

With all these facts combined together, ETH could very well dethrone Bitcoin as the number 1 largest cryptocurrency network.

Related Reading | TA: Ethereum Faces Key Challenge, Why Fresh Decline Still Possible

Surprisingly, after all these achievements, one must wonder why Ethereum has been falling since November 2021 after hitting a new high. The reason is that the price is based on speculation about a protocol that will be launched in the future. Unfortunately, the actual date for the protocol has not been announced yet, so people are selling their ETH in anticipation of the lower price.

ETH showing an upward trend with a 1.5% gain | Source: ETH/USD chart from Tradingview.com

With its current market capitalization, ETH is 10 times larger than Solana and close to 45% of BTC’s value. According to technical insights, there are strong supply and demand zones in the market because people want to buy things for less. FOMO (fear of missing out) has been a major driving force behind cryptocurrency prices.

Ethereum Price Analysis

ETH’s price trend has repeatedly beaten expectations, but because it is currently trading below the 200-day moving average (DMA) curve, there is a negative sentiment in the short term.

With the crypto market still uncertain, buyers have made various attempts to breach Ethereum’s $3,600 level. But the 200-day moving average is slowly dropping. So if Ethereum surpasses this average, there could be a significant price movement to new high levels.

ETH is in high demand at $2,400 levels, and there is a good chance that demand will increase even more in the coming days. The only resistance stopping it from going even higher is $3,200 to $3,600, preventing further growth.

Since April 2022, the candlestick pattern when ETH 200 DMA failed to cross-resistance has a profit booking in free fall, stability, and more profitability bookings. On April 26, 2022, the crypto market experienced a 6% collapse. This seems to be due to concerns about the influence of Elon Musk on the crypto market. 

Related Reading | Bitcoin Trades Above $40K Once Again, Will This Time Be Different?

The ETH price decreased by 22% in April. The buying strength indicated by the RSI indicator has reduced by 66%. For the last six months, transaction volumes have remained the same, with spikes but average out at similar levels. ETH has a few milestone prices to surpass for the short term. However, before investing in Ethereum, traders should read more about the ETH’s future price momentum and explore market sentiments.

The price trend for ETH has been strong for most of this year, but declining demand seems to be weakening. Unfortunately, this decline cannot be identified by looking at its historical data. So one must assess that prices above $4,000 will lead Ethereum upward while values below $2,500 drag them down further. 

 

Featured image from Pixabay, chart from Tradingview.com

 

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Ethereum (ETH) на Currencies.ru

$ 3111.58 (+0.32%)
Объем 24H $11.234b
Изменеия 24h: -0.26 %, 7d: 5.20 %
Cегодня L: $3055.33 - H: $3131.6
Капитализация $373.783b Rank 2
Цена в час новости $ 2846.72 (9.3%)

ethereum looking saving years electricity latest validation

Источник: newsbtc.com

ethereum looking → Результатов: 126


Фото:

Ethereum Documentary Featuring Vitalik Buterin Raises $1.9 Million in 3 Days

A fundraising campaign towards a new documentary about the second-largest cryptocurrency by market capitalization, Ethereum, saw over 1,000 ETH in donations. Ethereum Documentary Sees Massive Support from Community  A group of filmmakers is looking to create a feature-length documentary centered around the growth, developments, and adoption of Ethereum.

2021-7-20 23:00


Jack Dorsey’s Twitter Joins NFT Mania, But He Still Wants Nothing to Do With Ethereum

Popular social media platform Twitter is joining the non-fungible token (NFT) mania. However, it is not looking to sell but give them out for free. Twitter First Social Platform With NFT Interest The social media giant founded by Jack Dorsey in 2006 said that it would be handing out 140 original NFTs to 140 lucky […] The post Jack Dorsey’s Twitter Joins NFT Mania, But He Still Wants Nothing to Do With Ethereum first appeared on BitcoinExchangeGuide.

2021-7-1 17:22


US Lawmakers To Form Committee To Address Regulatory Concerns Around Crypto

Lawmakers in the United States are looking into developing regulatory frameworks for cryptocurrencies like Bitcoin and Ethereum. The US Rep and chairwoman of the House Financial Services, Maxine Waters, revealed her intentions to create a working group with Democratic House members to tackle growing concerns on cryptocurrencies Waters Pushes for More Crypto Oversight Waters made […] The post US Lawmakers To Form Committee To Address Regulatory Concerns Around Crypto first appeared on BitcoinExchangeGuide.

2021-6-17 19:46


Bitcoin to Ethereum rotation is changing ROI on traders' portfolios: Understand the impact

Is it likely that one of the factors driving Bitcoin's price plunge is the rotation of investment from Bitcoin to Ethereum? Looking at the following chart with ETH and BTC percent balances across exchThe post Bitcoin to Ethereum rotation is changing ROI on traders' portfolios: Understand the impact appeared first on AMBCrypto.

2021-5-17 17:00


XRP, HBAR, BCH, EOS, ZEC, ETH and LTC: when you’re looking to buy the dip, which of these alts make the cut?

'The rise of Altseason' and decline in Bitcoin dominance are inter-linked factors. What's obvious is the evident rise in interest for Ethereum (ETH), XRP, Litecoin (LTC) and other altcoins. Google treThe post XRP, HBAR, BCH, EOS, ZEC, ETH and LTC: when you’re looking to buy the dip, which of these alts make the cut? appeared first on AMBCrypto.

2021-5-16 21:00


Best Yield Aggregators on Ethereum Blockchain

Before we begin exploring Yield Aggregators, we must explore and understand what yield farming is and why we need Yield Aggregators in the first place. Yield Farming is the act of looking to earn the best yield from DeFi platforms that are looking to improve their liquidity in the “liquidity pools” and, in the process, […] The post Best Yield Aggregators on Ethereum Blockchain appeared first on CaptainAltcoin.

2021-5-14 17:40


Decentralized Venture Capital DAO Launches Yield Funds

Stacker Ventures was born from the belief that access to the opportunities that next-gen digital assets offer should be open to anyone, not only to a closed community of venture capitalists. Since launching in early March, Stacker Ventures racked up over $10M in total commitments from investors worldwide looking to pool their Ethereum to invest […] The post Decentralized Venture Capital DAO Launches Yield Funds appeared first on NullTX.

2021-4-17 15:33


Фото:

Why India’s Proposed Bitcoin Ban Will Be Downright Ineffective

It’s been a season of legal ambiguity for the Indian cryptocurrency community, but the road ahead is looking less hazy as the latest development from the Indian Crypto trading scenes implies that the proposed Crypto-ban has done little to dissuade trading and investment interest in independent digital currencies like Bitcoin and Ethereum. Hence, a building […]

2021-4-6 15:41


Фото:

Ren Partners with Alameda to Boost Solana (SOL) Cross-chain DeFi Interoperability

Decentralized finance (DeFi) cross-chain bridge protocol Ren is looking to promote DeFi interoperability by collaborating with crypto research and quantitative trading outfit Alameda. Meanwhile, Solana (SOL) has been seeing an uptick in activity as high transaction fees on Ethereum push DeFi traders to consider other blockchain alternatives. Ren Dev Team to Join Alameda Ren CEORead More

2021-2-3 21:00


Фото:

Demand for Ethereum hits rooftop, price could quadruple within 90 days

Bitcoin bulls are calling $50,000 for the next rally. Ethereum bulls are also just as optimistic, as fundamental indicators are looking as promising as technical indicators. These key signals imply that a bullish rally, despite price stagnation is imminent and includes the sky-high demand for Ethereum’s ETH, which analysts claim will unseat supply in the […]

2021-1-16 13:45


Фото:

Ethereum is Looking “Ridiculously Bullish” as Analysts Eye a Move to All-Time Highs

Bitcoin has been facing some immense turbulence as of late, but it has yet to have any grave impact on altcoins Most major altcoins have been decoupling from the benchmark cryptocurrency, with ETH gaining against its BTC pair while Chainlink sees fresh all-time highs This momentum is being slowed slightly by Bitcoin’s present weakness, but it remains unclear as to whether this will reverse the altcoin breakouts For ETH, in particular, one analyst is calling […]

2021-1-16 01:00


Фото:

Analyst: Ethereum Likely to Begin Outperforming Bitcoin as Strength Mounts

A trend of underperformance against Bitcoin has plagued Ethereum as of late, which has caused buyers to show signs of capitulation Where the ETH trends in the mid-term should depend largely, if not entirely, on whether or not BTC continues rising in isolations Bitcoin’s massive rise as of late has not done much to boost altcoins, as many are still showing signs of weakness at the moment This weakness has been apparent while looking towards […]

2020-12-24 01:00


Фото:

Ethereum’s Bullish Trend May Not Stop It from Seeing a Strong Correction: Analyst

Ethereum and the entire cryptocurrency market have been facing some immense turbulence throughout the past few days and weeks The selling pressure seen by the cryptocurrency within the upper-$600 region has been quite intense, and may cause it to face continued weakness One trader is now noting that where the market trends next will depend mostly, or entirely, on Bitcoin He notes note that he is looking for ETH to see a strong correction over […]

2020-12-23 01:00


Фото:

Ethereum is Beginning to Look “Perfect” as Sellers Show Signs of Exhaustion

Ethereum and the entire cryptocurrency market have seen some tempered gains throughout the past few days The selling pressure brought about by Bitcoin’s recent break below $18,000 has dissipated as bulls take back control of the cryptocurrency Where ETH trends in the mid-term should depend largely on BTC, as the benchmark crypto has been in full control of the entire market One trader is now noting that Ethereum is looking poised to see some major […]

2020-12-13 01:00


Ethereum’s Rebound is “Getting Tired” as Analyst Eyes Move to $520

Ethereum has been climbing higher today alongside Bitcoin and the rest of the crypto market The strength seen as of late comes as Bitcoin puts some serious distance between its recent lows and its current price levels This indicates that bulls are in full control and are looking to form a “V-shaped” recovery that could allow for significantly further upside in the days and weeks ahead Where the entire market trends next will depend largely […]

2020-11-30 22:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Wallet drainer service Pink Drainer to wind down operations

Developers behind Pink Drainer, a notorious wallet drainer service implicated in the theft of over $75 million in assets, have decided to wind down their operations.  “We have reached our goal and now, according to plan, it’s time for us…

Ethereum ETF Dreams Dashed? Analyst Says SEC Approval ‘Slim To None’

For investors hoping for a simple way to gain exposure to Ethereum, the road seems paved with regulatory hurdles. The US Securities and Exchange Commission (SEC) has thrown a wrench into plans for spot Ethereum Exchange Traded Funds (ETFs), leaving the future of these investment vehicles shrouded in uncertainty.