This morning, Wu Blockchain (@WuBlockchain) reported a significant decline in Ethereum (ETH) options Implied Volatility, despite the upcoming Shanghai upgrade. The drop in market liquidity, attributed to the Easter holiday, is believed to be the primary reason for this sharp decline.
As of the latest update, the primary alternative cryptocurrency has experienced a 2.11% decline, as reported by CoinMarketCap’s 24-hour loss data. However, despite this setback, ETH’s weekly price performance remains positive, with a growth rate of +0.92%. Consequently, the current value of ETH is $1,836.69.
In the past 24 hours, Bitcoin (BTC) has exhibited superior performance compared to ETH, with the latter experiencing a 1.50% dip against the former, which currently leads the market.
The value of ETH has recently fallen below the crucial support level of approximately $1,845. Furthermore, the altcoin’s price has also dipped below the optimistic trend line that was previously established on its daily chart.
If ETH’s price concludes today’s trading session below the critical thresholds, it will probably experience a further decline towards the 20-day EMA line within the next 24-48 hours.
In the past 24 hours, the daily RSI line has dipped below the daily RSI SMA line, indicating a potential downward trend for ETH’s price. The price will likely descend towards the 20-day EMA line within 24-48 hours and could reach the next crucial support level at $1,715. This technical analysis suggests a cautious approach for investors and traders alike.
The current bearish outlook on ETH’s price trajectory can be overturned if the cryptocurrency concludes today’s trading session with a closing price above $1,845. In such a scenario, the price of ETH is expected to ascend towards the next minor resistance level at $1,911.95. This development would signify a significant shift in market sentiment and potentially open up new investor opportunities.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
