Ethereum Price Prediction: ETH Crashes Towards $3,400 Psychological Level

Daily Ethereum ETH Technical Analysis

Last Updated July 23rd 2021
1 Min Read
  • Ethereum price has reversed the parabolic SAR from positive to negative.
  • The 20-day SMA has stopped the ETH downtrend.
  • 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 parabolic SAR has reversed from positive to negative.
    • The MACD has flipped from bullish to bearish.

    The 20-day SMA has stopped the ETH from dropping any further.

    Image: ETH/USD daily

    ETH/USD daily chart 051721

    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.

    Image: IntoTheBlocks

    ETH/USD volume chart 051721

    Ethereum Movements Will Slow Down

    Bitcoin BTC and Ethereum ETH Movements

    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.

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