Ethereum price prediction: Why ETH’s $1,550 level is at risk!
- Ethereum might stutter across the $1,500-$1,650 area earlier than persevering with its descent towards $1,275.
- The consumers have little energy proper now, based on the OBV.
Ethereum [ETH] was nonetheless in a long-term downtrend. The latest value bounce above the $1,550 degree and ETH’s subsequent try and flip the extent bullish seems like it’s going to fail.
The promoting stress within the ETH market was incessant, and bulls would probably endure extra losses quickly.
The U.S. SEC pushed its resolution on ETH ETF staking and in-kind redemption to June 2025. Mixed with ETH whales offloading their hoard and the rise of AI as a menace to decentralization, the sentiment behind Ethereum didn’t seem hopeful in any respect.
Ethereum to witness short-term volatility earlier than persevering with the downtrend
Supply: ETH/USDT on TradingView
On the ninth of April, ETH noticed a 20.5% bounce from $1,385 to $1,670. Over the previous week, the bulls have labored arduous to maintain the worth above the $1,550 horizontal degree.
This degree had been a key assist degree through the restoration from the bear market in 2023.
Ethereum was prone to fall under this degree as soon as once more. Its value pattern has been bearish since January, characterised by a sequence of decrease highs and decrease lows. The newest decrease excessive was at $1,957, set in early April.
The bulls have to drive costs above this degree to flip the bearish market construction bullishly. However such a transfer appeared extremely unlikely anytime quickly.
The OBV was in a gentle downtrend alongside the worth, displaying persistent promoting stress. The RSI was under impartial 50 to point bearish momentum was dominant.
The liquidation map confirmed that liquidation ranges under the worth have been each nearer and bigger than these above. This means that ETH is prone to drop towards these magnetic zones within the quick time period.
Excessive-leverage liquidation ranges between $1,515 and $1,575 create downward stress, pulling ETH towards these factors.
As soon as liquidity at these ranges is absorbed, a possible rebound towards $1,650-$1,700 might observe.
Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion
