Ethereum The price has declined in the past few days as the recent rally has taken a breather. ETH fell to a low of $1,851, down 14% from its year-to-date high of $2,131. This means that the coin has moved into a correction zone, which occurs when the asset is down 10% from its peak.
Is This The End Of The Crypto Rally?
Ethereum price has declined sharply over the past few days as investors are focusing on the state of the crypto industry. The decline was led by bitcoin, which fell from a year-to-date high of $31,000 to around $27,000.
there are many reasonscryptocurrency prices Pulled back in the last few days. Firstly, selling is mainly due to profit-booking after crossing key milestones. Bitcoin recently soared above the key $30,000 milestone. Similarly, Ethereum price recently climbed above $2,000. In most cases, cryptocurrencies decline after reaching key levels.
Second, the price of Ethereum is falling due to the so-called ‘buy the rumor, sell the fact’ trend. Ethereum recently jumped as investors await the Shanghai upgrade. The upgrade means that investors in major platforms such as exchanges can now begin withdrawing their coins.
Furthermore, the ETH price is also falling due to the uncertainty surrounding the Federal Reserve. The Fed’s Christopher Waller said in a statement that the Fed should continue to raise interest rates in the coming months. Analysts now expect the Fed to continue raising interest rates in May and then a long pause.
Ethereum Price Prediction
On the daily chart, we see that the price of ETH has been in a strong bullish trend over the past few months. There was an increase from ~$1,080 to a high of $2,040. The coin has formed a cup and handle pattern, which is a bullish signal. Hence, the ongoing decline is part of the handle section.
Most importantly, the coin remained above the 50-day exponential moving average. The Relative Strength Index (RSI) has moved below the neutral point. Hence, there is a possibility that the coin will bounce back in the coming weeks. If this happens, the next key level to watch would be $2,500, which is about 37% upside from the current level.
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Post Ethereum Price Prediction: Ripe for a 37% Jump to $2,500 first appeared coinjournal,