Ethereum Drops Below The 100-Day Moving Average

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	360,758,378,648	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

360,758,378,648

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	26.26	0.88%	3,000.15	3,000.12	3,000.15

Price Change

Price Change %

Current Price

Bid Price

Offer

26.26

0.88%

3,000.15

3,000.12

3,000.15

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,003.19	2,970.85	2,975.17	2,973.88	1,520.85 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,003.19

2,970.85

2,975.17

2,973.88

1,520.85 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	03:50:17	0.053360	3,000.15	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

03:50:17

0.053360

3,000.15

USD

Price x Volume	Volume	Base Symbol	Related Pairs
14,554,948.86	4,869.31	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

14,554,948.86

4,869.31

Ethereum Drops Below The 100-Day Moving Average – What’s Next?

23/03/2024 2:31pm

NEWSBTC

The crypto market is experiencing a pullback after Bitcoin, the leading cryptocurrency, reached a new all-time high. However, Ethereum (ETH) is not left out in this downward move. After setting a new yearly high of $4,094, the price of Ethereum has been moving downward and this has led to the price trading below the 100-day Moving Average (MA) both in the 1-hour and 4-hour timeframes, but this is not so in the daily timeframe. Will the price continue downward or will it change direction and start moving upward? At the time of writing, Ethereum’s price was trading around $3,360 and was up by 0.64% in the last 24 hours. Ethereum Indicators And What They Suggest Looking at the chart, technically we can see that a support level of $3,067 and a resistance level of $3,681 and $3,591 have been formed respectively. Nonetheless, there could be more support and resistance created if the price continues to move downward. 4-Hour Moving Average: A technical observation of the chart from the 4-hour timeframe as seen in the image below reveals that the price is trending below the 100-day moving average. This suggests that the price is on a downtrend and could potentially move further downward. 4-Hour RSI indicator: With the help of the Relative Strength Index indicator (RSI) we can see the RSI signal line is trending below the 50 line. This is a strong indication that the price of Ethereum is in a downward trend as observed in the image above. MACD Indicator: Taking a close look at the MACD indicator in the 4-hour timeframe, it appears that the MACD histogram has dropped below the zero line. In addition, both the MACD line and the signal line have crossed below the zero line. This setup indicates that the price is still bearish and there are possibilities that it could still move downward. The image below provides more details: Possible Outcome If the price of Ethereum continues downward and breaks below the support level of $3,067, it could move further downward to create a new support level. However, if the price fails to break below this support level, we could see a price reversal and may start a fresh trend upward. Thus there could be a possibility that the price could break above the resistance levels of $3,681 and $3,591 respectively, and continue its bullish run. Featured image from iStock, chart from Tradingview.com

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ETHUSD Ethereum