Ethereum (ETH) price continues to slide down on Thursday as the long-term downtrend extends further. ETH opened lower but recovered quickly to test the session’s high at $2,972.07. However, the rally fizzled out quickly to break the critical $2,900 mark.
- Ethereum (ETH) price trades lower on Thursday amid market uncertainty and volatility.
- ETH remains pressured below 200-EMA at $3,245.
- A bearish pattern formed on March 2 could result in a 12% descent from the current levels.
As of press time, ETH/USD is exchanging hands at $2,904.32, down 1.56% for the day. The second-largest crypto currency’s 24-hour trading volume holds at $345,782,416,688 as per the CoinMarketCap.
ETH set to decline further
Ethereum (ETH) price finds it difficult to hold the critical $3,000 level as ETH fell more than 4% since it made high on Wednesday. The current price action shows bulls are not willing or interested in keeping up the upside momentum in the asset.
The formation of a ‘Doji’ candlestick in the previous session followed by red candlesticks is a perfect bearish ‘Evening star’ pattern. The Evening star pattern is formed when the price is in an uptrend with receding upside momentum or lack of confidence among investors.
Now, a decisive close below the $2,800 mark will trigger a fresh round of selling in the pair. The immediate downside target could be found at the horizontal support zone of $2,560.78.
Next, the price could revisit February lows placed at $2,300.
Alternatively, a resurgence in buying pressure would negate the bearish outlook at least in the short term, with the first resistance hurdle at the previous session’s high of $3,045.00. Further, if the bullish momentum continued then bulls will take out the 200-EMA (Exponential Moving Average) at $3,235.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) trades at 50 with a bearish tilt. Any downtick in the indicator would result in the continuation of the downside momentum.
MACD: The Moving Average Convergence Divergence (MACD) although hovers below midline but remains mildly bullish.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/ethereum-eth-price-prediction-eth-bears-set-eye-on-2560-ahead-of-russia-ukraine-peace-talks/