Will Ethereum Drop Back Below $1,400 or Rise to $2,142? The Charts Show Today
While Ethereum’s (ETH) 24-hour trade volume dropped 6.78% to $15.47 billion, the cryptocurrency is currently trading at $1,772.87, up 0.95% from the previous day. However, during seven days, ETH has increased by 11.41%, averaging $1,771.90. However, the most recent price movement suggests a complex mix of investor and trader expectations and uncertainties.
Technical signs are still not entirely consistent. Ethereum is still above the $1,750 support barrier, but its impetus is waning. Selling pressure is indicated by a bearish divergence on the MACD and a daily loss of 1.82% on above-average volumes. However, the 8.96% momentum reading and the strong 84% finding rate show continued underlying strength.
The ADX at 86.2 confirms the strong trend but is accompanied by a bearish crossover in the MACD, while the RSI at 57.61 stays neutral. Ethereum must regain the $1,800 barrier to continue on the upward path. On the other hand, a decline below $1,734 could trigger an additional downturn. Technical analysts advise against going long until confirmation is received, particularly at the crucial $1,800 and $1,734 levels.
Ethereum records the biggest inflow of ETH in a single day.
In an unexpected display of faith, Ethereum just had its biggest accumulation inflow in a single day. On April 22, 449,000 ETH, worth roughly $786 million, entered accumulation addresses. This increase coincided with prices falling into the $1,400 level, suggesting long-term holder conviction that hasn’t been observed since 2018.
Despite this milestone of cumulative amount, the prices of the majority of these addresses are still below the market value of $1,981, suggesting that additional declines may be in store. However, the 10% rise in active addresses from 306,211 to 336,366 between April 20 and 20–22 puts the network-level positive attitude into perspective. However, the disparity between the stalling DeFi activity and the growing network involvement raises doubts about how long the momentum can last. Ethereum Drop Back
Trader warns of bearish pattern forming
Near $1,895, where 1.64 million Ethereum was accumulated in November 2024, Ethereum is currently at a critical resistance level. The 50-day EMA, or conventional trend indicator, also falls within this region. Ethereum’s current macro negative trend could be solidified if this level is not cleared.
Rektproof, an experienced trader, indicated a potential bearish fractal, which is consistent with earlier setups that resulted in notable price drops. Ethereum may retest $1,400 if it is unable to maintain support. To break the current lower high and lower low structure, analysts concur that a closing above $2,142 on the daily timeframe is essential for any chance of a bullish turnaround.
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