Plunge

Ethereum

Daily

<p>After a prolonged period of consolidation without a clear direction, the cryptocurrency market has finally undergone a correction, with most coins decreasing in value. Ethereum was no exception, as its price has plunged by 14%, hitting a significant support zone.</p>
<h2 id="technical-analysis">Technical Analysis</h2>
<p><strong>By <a href="http://twitter.com/Greatest_Trader" data-wpel-link="external" target="_blank">Shayan</a></strong></p>
<h3 id="the-daily-chart">The Daily Chart</h3>
<p>Ethereum recently surpassed its prior major swing high at $2K due to its impulsive uptrend, providing a significant bullish sentiment by indicating a positive trend reversal. However, the price quickly formed a head-and-shoulder reversal pattern and was rejected, resulting in a 14% plummet.</p>
<p>Nevertheless, the price has now arrived at a crucial support region comprising the 50-day moving average of $1800 and the 100-day moving average of $1705.</p>
<p>Therefore, the price action within the $1.7K-$1.8K range must be closely monitored since a breakout from this critical support zone will likely determine Ethereum&#8217;s near future direction. If the cryptocurrency falls below this vital area, its previous major swing low at $1.4K will serve as the primary support for the price in the mid-term.</p>
<figure id="attachment_247702" aria-describedby="caption-attachment-247702" style="width: 2560px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/04/ETH-Daily-1-scaled.jpg" data-wpel-link="internal"><img class="wp-image-247702 size-full" src="https://cryptopotato.com/wp-content/uploads/2023/04/ETH-Daily-1-scaled.jpg" alt="eth_price_chart_2404231" width="2560" height="1386" srcset="https://cryptopotato.com/wp-content/uploads/2023/04/ETH-Daily-1-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2023/04/ETH-Daily-1-300x162.jpg 300w, https://cryptopotato.com/wp-content/uploads/2023/04/ETH-Daily-1-1024x554.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2023/04/ETH-Daily-1-768x416.jpg 768w, https://cryptopotato.com/wp-content/uploads/2023/04/ETH-Daily-1-1536x832.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2023/04/ETH-Daily-1-2048x1109.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2023/04/ETH-Daily-1-50x27.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px" /></a><figcaption id="caption-attachment-247702" class="wp-caption-text">Source: TradingView</figcaption></figure>
<h3 id="the-4-hour-chart">The 4-Hour Chart</h3>
<p>According to the 4-hour timeframe, Ethereum’s price rally came to an end when it attempted to break out of the channel&#8217;s upper trendline at $2.1K. As a result of an impulsive decline, Ethereum&#8217;s price has now reached the middle boundary of the channel, a significant support/resistance region, and is struggling to break it downward.</p>
<p>If the price falls below this level, it could trigger a downtrend toward the $1.7K mark. However, if the cryptocurrency finds support and reverses the downtrend, a rally toward the upper threshold will be the most probable scenario for Ethereum in the short term.</p>
<figure id="attachment_247703" aria-describedby="caption-attachment-247703" style="width: 2560px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/04/ETH-4H-1-scaled.jpg" data-wpel-link="internal"><img class="wp-image-247703 size-full" src="https://cryptopotato.com/wp-content/uploads/2023/04/ETH-4H-1-scaled.jpg" alt="eth_price_chart_2404232" width="2560" height="1386" srcset="https://cryptopotato.com/wp-content/uploads/2023/04/ETH-4H-1-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2023/04/ETH-4H-1-300x162.jpg 300w, https://cryptopotato.com/wp-content/uploads/2023/04/ETH-4H-1-1024x554.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2023/04/ETH-4H-1-768x416.jpg 768w, https://cryptopotato.com/wp-content/uploads/2023/04/ETH-4H-1-1536x832.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2023/04/ETH-4H-1-2048x1109.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2023/04/ETH-4H-1-50x27.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px" /></a><figcaption id="caption-attachment-247703" class="wp-caption-text">Source: TradingView</figcaption></figure>
<p>The post <a href="https://cryptopotato.com/heres-the-critical-support-for-eth-following-a-14-weekly-plunge-ethereum-price-analysis/" rel="nofollow">Here&#8217;s the Critical Support for ETH Following a 14% Weekly Plunge (Ethereum Price Analysis)</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.</p>

Here’s the Critical Support for ETH Following a 14% Weekly Plunge (Ethereum Price Analysis)

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