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Ethereum Drops Below 4-Hour SMA: Analyzing The Impact
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Ethereum Drops Below 4-Hour SMA: Analyzing The Impact

Godspower Owie
Godspower Owie
11 months ago
3 mins read
Ethereum

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Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has recently seen its price fall below the 4-hour Simple Moving Average (SMA). This technical development is noteworthy for traders and investors, as the 4-hour SMA is often used to gauge short-term market momentum.

When a cryptocurrency’s price drops below this moving average, it can signal a potential shift in market sentiment from bullish to bearish. This could imply increased selling pressure and a possible downward trend continuation. The implications of this price movement extend beyond technical analysis, as broader market conditions, investor behavior, and fundamental factors also play a crucial role in shaping Ethereum’s future trajectory.

In this article, we will be exploring ETH’s potential price action with the help of technical indicators.

Ethereum Price Condition On The 4-Hour Chart

Firstly, it can be observed that ETH’s price in the 4-hour timeframe has experienced a drop below the 100-day SMA after moving in a consolidation manner for a while.  It should be noted that most times when an asset drops below SMA, it could indicate a short or long-term move in that direction.

Ethereum

Additionally, the Relative Strength Index (RSI) indicator also confirms that Ethereum might move in the downward direction for a while as the RSI line has crossed below 50% and could trend there for a while.

From the daily chart, it can be noticed that Ethereum is attempting to make a move toward the 100-day SMA after dropping a bearish candlestick on the previous day. At this point, it can be suggested ETH dropped to test the 100-day SMA before making an upward move again.

Ethereum

Finally, the RSI line from the RSI indication is currently dropping out of the overbought zone toward 50% indicating that there is still room for ETH to move downward.

ETH Price Projection

As of right now, Ethereum is attempting to move downward toward the daily SMA, If it drops below, it will continue to move downward toward the $2,865 support level. Furthermore, it can drop even more to test the $2,147 support level if it drops below the aforementioned level.

However, if ETH’s price touches the SMA and bounces back, it will move upward toward the $4,099 resistance level. Also, should it break below this resistance level, it will continue to move up to test the $4,863 level. ETH may move to create a new high if it rises above the $4,863 level.

As of the time of writing, ETH’s price was trading at around $3,694 and was up by 0.41% with a market capitalization of over $443 billion and a 24-hour trading volume of over $18 billion. Its market capitalization is down by 2.97%, while its trading volume is up by 39.28% in the past day.

Ethereum
ETH trading at $3,685 on the 1D chart | Source: ETHUST on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

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One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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