Ethereum Experiences a 0.41% Plummet, May Dip to $2032.59, Price Analysis

Ethereum Experiences a 0.41% Plummet, May Dip to $2032.59, Price Analysis

At present, the situation for Ether is currently in a grey area for the investors who have been following it for a long time. Just like Bitcoin, Ether is also moving lower and lower into the bearish zone. However, its drop rate into the bearish zone is lesser than Bitcoin and other major cryptocurrencies.

In the past 24-hours, Ether’s price has experienced a 0.41% dip. The past 24h dip experienced is not much of a big deal given the fact that Ether has been inflicted with many low blows in the past 7-days.

The past 30-day performance analysis for Ether shows its price has experienced a weighted growth rate of 17.60%. However, the past 7-days and the past 24-hours for Ether have been in the (8.67% & 0.41%) negatives respectively.

Just like Bitcoin, the value of Ether has also continued descending since the beginning of April. Ether started its month at a high of $3,550.74 per ETH, but from there until now, Ether’s price has continued descending. This is the reason why at the time of writing, the trading price of Ether has moved all the way down to $3,015.69.69 per ETH.

Fifty Percent Investors are Bearish

While the entire cryptocurrency market is confused about whether to be bearish or bullish, the technical analysis for Ether has made it much easier to pick a side.

If we look at the oscillators scale for Ether, it shows that the sentiments of the investors are mixed. The oscillators scale is simply pointing towards the neutral trend, where the majority of the investors are preferring to stay neutral.

Then comes the scale of the moving average, which is pointing towards the bearish trend. The moving averages scale shows that 42.30% of the total investors are siding with “strong-selling” sentiments. Only 11.53% of the total investors are thinking about going against the bearish trend and buying Ether.

As a result, the summary scale for Ether is now pointing towards the “sell” sentiments, showing that 50% of the total investors are eager to sell Ether. Only 15.38% of the total investors are planning to buy Ether to compete with the bearish investors.

Although Ether is performed better than other major cryptocurrencies, still, it is also moving into the descending channel. At the time of writing, the RSI for Ether is at 44.12 and the ultimate oscillator is at 36.48,

This also suggests that going forward, the financial world may continue supporting the bearish trend and Ether’s price may continue dipping.

Ether’s Demise to $2,032.59

If the sentiments of the investors do not change, then the price of Ether may continue plunging. The investors with the negative sentiments may continue pressuring the bulls and keep pushing them out of the competition.

The first attempt the bears may make would be to push Ether below the $3,000 per ETH mark. Once ETH falls below the $3k mark, the bullish investors would automatically start taking psychological pressure.

Once the attempt made by the bears is successful, they may go for another selling spree. This time, the bears may attempt to pull the price of Ether all the way down to $2,763.08 per ETH.

The $2,763.08 is currently the first strong support benchmark for Ether, where the bulls may try and show off their buying power. However, if the bulls fail to demonstrate their buying strength, then the bears may continue with their selling spree.

In a matter of time, the bears may succeed in pulling the price of Ether down to $2,428.67 per ETH, which would be the second strong support mark.

Once the second support mark is hit, the ratio of bears versus the bulls may lean even more in favor of the bears. As the number of bearish investors grows versus the bullish investors, more Ether may start getting flushed out. Subsequently, Ether may end up hitting its third strong support mark ($2,032.59).

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