Ethereum Price Analysis: ETH Drops Below $4,000
Daily Ethereum ETH Price Forecast
- Ethereum price has a robust support at $3,800.
- The RSI is still in the overbought zone.
Between April 25 and May 10, the Ethereum price bounced up from the 200-day SMA, and jumped from $2,200 to $3,960, gaining almost $1,750 in its overall valuation. In fact this Monday, ETH reached an all-time high of $4,197.47. Following this bullish surge, ETH faced bearish correction this Tuesday.
Ethereum Price is Stuck Between Strong Levels
Ethereum price made history yesterday by crossing the $4,000 psychological level. However, ETH has been overbought for quite some time as is indicated by the relative strength index (RSI). However, whatever correction ETH faces will likely be temporary, since the MACD shows that overall market momentum is positive.
Image: ETH/USD daily
On the downside, Ethereum price has an extremely robust support wall at $3800 wherein over 275,000 addresses had purchased >7 million ETH tokens. This wall is strong enough to absorb a lot of selling pressure.
Ethereum Address Activity Hits ATH On Mother’s Day
"#Ethereum has been volatile, following an earlier #AllTimeHigh of $4,205 about 5 hours ago. Notably, this came after yesterday's highest day of address activity in $ETH's six year history. Generally, when active addresses grow, prices will follow."
Ethereum Price Is Expected To Reach These Levels
The Ethereum price is trapped between two major levels so ETH will likely continue to trend horizontally around $3,900.