Ethereum Price Analysis: Ethereum Dips Over 3% in Past 24 hours. What Next?

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Ethereum price slump extended, where it took the coin even below its major support level of $265 yesterday. Today, the coin has elevated from that fall and is currently trading at $275.06. However, Bitcoin even fell below its major support level of $11,000. Just when the crypto community thought that this time the Bull Run will push Ethereum to attain newest heights, it slipped to the lowest levels. The market volatility is enough for the investors and traders to experience ups and downs in the trading value of the coin. The current market statistics are an indication of the same.

ETH Chart:

ETH Current Market Statistics:

ETH to USD Price Comparison:

As manifested from the above 1-day chart, the coin yesterday started with a price mark of $286.55 and around 4:37 UTC it fell by 7.99% to trade at $263.66. Here, the coin crossed its major support level of $265. Since then the coin has been moving beyond the baseline in the bearish zone. There has been no major leaps and bounces that took the coin towards the bullish crossover.

Technical Indicators:

• The 6-day SMA of the coin is 295.68. The current price is 6.9% less than the 6-day SMA.
• The MACD of the coin is slightly elevated towards the positive zone, while on totality, there has been an inclination towards a bearish outlook only.
• The current RSI of the coin is above 50, which indicates a float of volatility in the bearish zone as the security is more towards the oversold range.

ETH Price Prediction and Conclusion:

If Ethereum gains momentum towards having a positive move in the price, it may face resistance at $280 and if the coin falls, it will face major support at $265. According to Ethereum Predictions, the coin is expected to trade around $500 by the end of the year.