The cryptocurrency market kickstarts April negatively as the market valuation continues its negative streak. While the blue-chip tokens continue struggling around their important support levels, the Ethereum price has displayed a brutal bloodbath this year with a Year-to-Date (YTD) crash of -47.12%. With this, the ETH token has created a 3-month negative outflow streak.
Are you one of many who are trying to figure out answers to questions like “Why is Ethereum crashing” and “How low will Ethereum drop?” In this article, we will uncover the short-term mysteries and possible Ethereum price analysis.
ETH Price Breaks Down Its Crucial $1,800 Mark!
Ethereum price today has breached its crucial support of $1,800, highlighting an intensified bearish price outlook. Reportedly, the price of ETH tokens has recorded a 24-hour low of $1,751.33 with a trading volume of over $26 billion. Moreover, it is on the verge of testing its support area of the triangle pattern, the outcome of which is uncertain.
The Simple Moving Average (SMA) constantly acts as a resistance to the Ethereum price chart in the daily time frame. This highlights an increase in the selling calls for the largest altcoin in the crypto space.
The Relative Strength Index (RSI) has failed to experience a positive crossover. This has resulted in it dropping toward its oversold range. With its 14-day trendline displaying signs of bearish action, the ETH token may continue losing value this week.
Ethereum ETF Starts April Negatively!
The Ether ETF has displayed a negative price action for over a month now. Reportedly, since 17th March, only 3 ETFs have displayed a positive flow for a collective of 5 times. Grayscale’s “ETHE” recorded a positive flow twice ($10.2M on 19th March & $4.7M on 28th March), followed by Fidelity’s “FETH” with $6.4M on 31st March.
21 Shares was the 3rd and only ETF with positive flow ($0.7M on 19th March & $1.7M on 1st April) during this period.
Even evaluating the last 14 market days, ETH ETF displayed a positive net flow only 2 times, whereas it recorded a negative flow 11 times and a neutral flow once. This suggests a rising disinterest of investors in the 2nd largest blockchain-based exchange-traded funds.
Is Ethereum a Buy or Sell Today?
Maintaining the price of the $1,800 mark could push the Ethereum token toward its $2,000 mark. Furthermore, if the market favors the bulls, this could result in the ETH coin price heading toward its upper price target of $2,200 this month. This scenario could present a good opportunity to buy ethereum.
On the negative side, if the bears hold power over the bulls, the Ethereum coin price could drop toward its $1,700 mark. Moreover, if the market experiences increased liquidations, this could pull the value of this altcoin toward its multi-month low of $1,500.
Also Read: ETH Price Pumps 8% After Past Week’s Downtrend, Eyes For $2,100
