Ethereum Price Prediction: ETH Crumbles Under Three Straight Bearish Days
Daily Ethereum ETH Technical Analysis
- Ethereum price has dropped below $1,800.
- ETH has a strong support level at $1,750.
Between March 6 and March 13, the Ethereum price bounced up from the 50-day SMA to go from $1,530 to $1,920. Following this climb, ETH faced three straight bearish days.
Ethereum Price Drops Below $1,800
Over the last three days, the bears have been in complete control of the Ethereum price, dropping it from $1.925 to $1,785. During this drop, ETH lost nearly $140 in total valuation. The 50-day SMA has touched the 20-day SMA to form a bearish cross pattern.
Image: ETH/USD daily
On the downside, the Ethereum price has one robust support wall at $1,750. Previously, 570,000 addresses had purchased 8.71 million ETH tokens. This level is robust enough to absorb a lot of selling pressure.
SushiSwap, Ethereum’s Top Decentralized Exchange, Launches On Avalanche
Decentralized exchange (DEX) SushiSwap is soon migrating to the Avalanche network from Ethereum. The devs at Ava Labs believe that the move can help Avalanche grow its DeFi offerings and compete against Ethereum.
Decentralized exchanges allow people to trade different types of cryptocurrencies. Unlike a centralized exchange, DEXs don’t take custody of users’ coins. Instead, they use smart contracts to facilitate peer-to-peer P2P) trading. They typically prioritize security and privacy above ease of use.
But to trade on DEXs such as SushiSwap, users first need Ether (ETH) - the common currency of DeFi protocols built on the Ethereum blockchain. Now, however. they’ll be using the AVAX token for their fees and transactions. That could be a boost for the liquidity of the network and the value of the AVAX token.
According to a Decrypt report, Ava Labs President John Wu said:
Avalanche offers a complementary ecosystem for DeFi users who have been priced out of the current applications because of high gas fees. That will lead users to explore apps on Avalanche, and pursue yield opportunities within the growing DeFi ecosystem on it.
However, he mentioned that the firm doesn’t intend to pull Ethereeum down but to tap into new user segments. He added:
Ethereum and Avalanche can together turn DeFi from a niche community to a legitimate competitor with the world of traditional financial services.
Ethereum Price Is Expected To Reach These Levels
Ethereum price may drop to the $1,750 support before finding enough momentum to bounce up. The MACD shows that market momentum is positive so future upward movement is in the cards.