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Ethereum could be on the right track for Faced with renewed pressureFrom an interesting technical perspective. Despite short gusts of recovery attempts, the larger structure of the market always tries to return in favor of bulls, but the price movement shows that bears always control. In particular, a Recent technical analysis Published by Crypto Analyst Youriverse on the TradingView platform highlights a potential net drop in the price of Ethereum to $ 1,400 if the current downward trend continues.
A strong rejection of the key area of Fibonacci refers to a persistent resistance
Technical analysis shows that the Ethereum prices table is currently characterized by a clear difference (FVG) over the 4 -hour period. This interesting difference was left after a sharp drop of 10% last Sunday, marking a strong area of domination of the seller.
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This gap represents a clear imbalance zone where Sales activity prevails over purchasing pressure and influenced the action of Ethereum prices in the last seven days. Earlier last week, Ethereum ended up in this gap, reaching the median point, but encountered rapid rejection. This rapid rejection showed the intense sales pressure present in this difference of fair value.
Interestingly, the Ethereum price has returned to this difference of fair value, and another rejection here could return it at the bottom of less than $ 1,400. In addition, Ethereum is exchange in an area Identified as the “gold pocket” of the Fibonacci extension indicator, which is taken from the bottom of $ 1,383 on April 9. Unless the price action is decisively breaking above this level and heads for the next fiber level from $ 0.786 to $ 1,724, there is always a risk of significant rejection which could lead to a lower armor than $ 1,400.
Stochastic weakness RSI suggests a possible slowdown to come for Ethereum
In addition to the difference in fair value and the struggle of Ethereum in the golden pocket of the Fibonacci trace area, the stochastic RSI now introduces Another layer of down pressure to the current perspective. This momentum oscillator, which measures the relative force of recent price movements, approaches the excessive region on the daily time.
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Ethereum’s approach from the excessive zone with the Stochastic RSI is due to the entries which pushed the price of the crypto at the bottom of $ 1,383 on April 9. Now that the stochastic RSI moves in the excessive areaThis adds to the lowering prospects that it could reject away from fair value and start a new correction down very soon.
Until now, the Ethereum price has been rejected at $ 1,650 in the last 24 hours, which also supports the downward continuation thesis. If the sales pressure resumes again, as suggested both by the weakening of the RSI and the persistent resistance away from fair value, the analyst warns against a break that could lead to the price up to $ 1,400, or even lower.
At the time of writing this document, Ethereum is negotiated at $ 1,627.
Felash star image, tradingView.com graphic
