Ethereum Price Prediction: ETH Crashes Towards $3,400 Psychological Level
Daily Ethereum ETH Technical Analysis
- Ethereum price has reversed the parabolic SAR from positive to negative.
- The 20-day SMA has stopped the ETH downtrend.
- The parabolic SAR has reversed from positive to negative.
- The MACD has flipped from bullish to bearish.
Since May 12, the Ethereum price has crashed from $4,165 to $3,400 - losing almost $765 in its overall valuation. Prior to that, ETH had jumped from $1,400 to $4,175, since March 1, 2021 to May 11. Let’s take a closer look with technical analysis.
Ethereum Price Looks To Drop Below $3,400
Looking at the Ethereum price daily chart, ETH has flashed multiple sell signals:
The 20-day SMA has stopped the ETH from dropping any further.
Image: ETH/USD daily
On the downside, Ethereum price has an immediate and critical support wall at the 20-day SMA ($3,350). Previously, at this level, >35,000 addresses had purchased almost 1.75 million ETH tokens.
Ethereum Movements Will Slow Down
Santiment tweeted the following:
"$BTC and $ETH's recent dips are leading to some stagnancy in the dormant coin movement that has really propelled the historic bull run #crypto has experienced. Keep a close eye on this chart, and whether avg. investment ages continue getting younger."
Ethereum Price Is Expected To Reach These Levels
If the market sentiment continues to be negative, the Ethereum price will likely drop to the 20-day SMA.