Ethereum Experiences a 4.38% Dip and May Get Pulled Down to $2,032.51, Price Analysis

In the past 7-days, the trading price of Ethereum (ETH) has continued to experience a rise and fall in its trading price. The price graph of Ethereum currently shows a zig-zag pattern, meaning that it has become a constant push and pull challenge between both sides.

Past 7-day Performance of Ethereum

On April 23, the trading price of Ethereum was worth $2,953.4 per ETH and the bulls tried pushing it higher. However, the bears proved to be stronger against the bulls as they managed to pull the ETH price lower to $2,898.55 per ETH on April 24.

The bulls did try and compete with the bears and had formed a low-level rally, which was soon met by the bears with a strong selling spree. This resulted in pulling the trading price of Ethereum all the way down to $2,808.85 per ETH on April 26.

The midday trading for Ethereum managed to push its trading price over the $3k per ETH barrier. However, the bulls showed their selling power again and pulled ETH’s price down. From there, the trading price of Ethereum has only descended without any progress. The past 7-day performance of Ethereum shows that its price has dipped by 4.38% in the respective period.

Current Situation of Ethereum and its General Perception

At the time of writing, the trading price of Ethereum is worth $2,831.57, which is a low price for Ethereum. The technical analysis for Ethereum suggests that its moving averages are siding with the “strong-selling” sentiments. There is currently almost no investor who is willing to invest in Ethereum and try to form even a low-level rally.

The oscillator scale for Ethereum is currently supporting “neutral” sentiments of the investors while the summary scale is supporting “selling” sentiments.

The relative strength index for Ethereum currently stands at 41.02 while the ultimate oscillator for Ethereum is also at 47.68. All these factors are hinting toward a bearish trend that may stick around for a while. The trend may cause a further dip in the price of Ethereum, where the bears may try and take full advantage of the low confidence of the bulls.

Ethereum’s Possible Plummet to $2,032.51

From this point onwards, the bears may attempt to sell Ethereum on a high scale to launch a strong bearish trend. They may try and pull the trading price of Ethereum lower with the strong selling sentiments.

In the upcoming days, the bears may launch a strong rally to pull the price of Ethereum to a low of $2673.38 per ETH. If things keep working out in favor of the bears and they may continue selling Ethereum, then its price may dip to $2,364.03 per ETH.

As the selling power of the investors continues to rise, then the trading price of Ethereum may get pushed down to $2,032.51 per ETH.

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