Ethereum (CRYPTO: ETH) is trading significantly lower Friday as the crypto market sees a large pullback. Ethereum has now fallen below both moving averages and is heading toward the higher low trendline in an ascending triangle pattern.
Ethereum was down 6.85% at $3,192 midday Friday.
See Related: Ethereum Dips Below Support And Heads Lower: Where Could It Be Headed?
Ethereum Daily Chart Analysis
- Ethereum has seen a very large dip in recent days, losing almost 25% of its value. The crypto has fallen closer to the higher low trendline after being unable to reclaim the $4,000 level.
- The crypto trades below both the 50-day moving average (green) and the 200-day moving average (blue), indicating the crypto is seeing bearish sentiment. Each of these moving averages may hold as an area of resistance in the future.
- The Relative Strength Index (RSI) saw a large dip in recent days and now sits at 28. This shows that the crypto has dipped into the oversold region for the first time in a while. If the RSI continues to stay below 30, the crypto may keep dropping.
What’s Next For Ethereum?
Ethereum saw a big dip and has moved toward support near the higher low trendline. The crypto is seeing a drop below both moving averages is a bearish sign for traders. It shows the sentiment has now turned much more bearish. Bears are looking to see the price continue to fall and be able to drop below the higher low trendline. Bulls are looking for a bounce and for the crypto to start making higher lows once again.
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