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Ethereum can be on the right track In the face of the renewed pressureaccording to intriguing technical perspectives. Despite the low series of recovery attempts, the wider market structure is still trying to fall over in favor of bulls, but the price movement shows that bears are still under control. In particular Last technical analysis Posted by a cryptographic analyst on the TradingView platform emphasizes the potential decrease in the price of Ethereum to 1,400 USD if the current inheritance trend is continued.
Mighty rejection from the key Fibonacci zone indicates enduring resistance
Technical analysis shows that the Ethereum price chart is currently characterized by a noticeable gap of fair value (FVG) in 4-hour time frames. This intriguing gap remained after a pointed decline by 10% last Sunday, which means a sturdy area of the seller’s dominance.
This gap represents the clear imbalance zone, where The sale of activity prevails over the pressure of purchase And it influenced Ethereum price in the last seven days. Earlier last week Ethereum withdrew to this gap, reaching the middle point, but met with quick rejection. This quick rejection showed intensive sales pressure present as part of this fair gap.
Interestingly, the price of Ethereum has returned to this fair gap, and another rejection here can send her back to the bottom below 1,400 USD. In addition, Ethereum is Trade in the area Identified as the “golden pocket” of the Fibonacci extension indicator, which is pulled from the bottom of USD 1,383 on April 9. While the price action drops definitely above this level and does not head towards the next FIB level of 0.786 at 1724 USD, there is a risk of significant rejection that could lead to further decline down.
RSI stochastic weakness suggests a possible deterioration of the economic situation for Ethereum
In addition to the gate in fair value and Ethereum fight in the golden pocket of the Fibonacci retraction zone Another layer of the bear to the current perspective. This momentum oscillator, which measures the relative strength of recent price movements, is approaching the region in the daily time.
The Ethereum approach to the purchased zone with the stochastic RSI results from the influx that exceeded the cryptographic price from the DNA 1,383 USD on April 9. Now that the stochastic RSI is moving to the purchased zoneHe adds perspectives to the bear, which he can reject the fair values at the gate and soon start a novel inheritance correction.
Until now, the price of Ethereum has been rejected to USD 1650 in the last 24 hours, which further confirms the thesis of the continuation of the bear. If the pressure for sale repeats itself, as it is suggested by both weakening RSI and lasting resistance in the fair Luzy, the analyst warns against a failure, which can drag the price to just 1,400 USD and even lower.
At the time of writing, Ethereum trades for USD 1627.
A distinguished picture from Unsplash, tradingview.com chart
