Ethereum turned red yesterday, and this trend is likely to continue. Notably, ETH has turned around and turned bearish from key technical points. Looking at the candlestick placement for ETHUSDT, the coin showed a rejection near the BB midpoint and the $3,300 resistance level. This high coincides with the anchor bar on April 13th, indicating a continuation of the bearish trend.
At the time of writing, Ethereum is in a bear breakout formation. As things stand, ETH is stable after falling 3% on the last day, and rose 6% in the previous trading week. For the bulls to take control, they will need to reject attempts to push prices lower. This means an injection of force and a surge in trading volumes. Currently, average trading volume over the past 24 hours has increased by 30% to $14 billion. Prices are selling off as volume increases, which could indicate the presence of sellers.
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This rally supporting the price could be due to positive news stemming from the upcoming Ethereum news.
- Currently, over 10 million active wallets connect to Ethereum or one of its layer 2 platforms every week. This surge follows the recent activation of Dencun and highlights the importance of smart contract platforms amid intense competition from cheaper, high-throughput alternatives.
- Ark Invest’s Cathie Wood is bullish on ETH’s prospects. At a recent conference, the founder said that Ethereum's market cap will reach $20 trillion by 2032, and the value of the token will exceed $166,000.
Ethereum price analysis
Like Bitcoin and most altcoins, ETH/USD It keeps going down.
Still, traders are hopeful for an improvement.
For now, the path of least resistance is to the south, with the coin trading within a bearish breakout formation.
The April 13th bar lead and each high below $3,300 could provide an entry for sellers targeting the April 2024 low of $3,000.
This bearish outlook will be invalidated if a breakout with increased volume occurs and ETH crosses $3,300.
