The recent Ethereum price analysis reveals ETH is at a critical juncture, as it has struggled to sustain the $1900 level. As of writing this report, ETH/USD is trading just below the resistance zone at $1890. Ethereum is trading at $1,833, down 1.07% in the last 24 hours, according to data from CoinMarketCap.
The Ethereum network has undergone a number of hard forks recently, with Shapella being the latest one. This potentially signals that institutional investors are confident about ETH’s long-term prospects despite the current price retreat. Despite the recent price retreats, institutional investors continue to show confidence in Ethereum following the successful implementation of the Shapella hard fork.
While the ETH/BTC pair has seen a pullback trend in April, fractal analysis suggests a possible downside target of 0.0627 BTC by the end of the month. However, weekly institutional flows show Ethereum outperforming Bitcoin, with $17M in inflows versus $53.1M in outflows for the past week.
Ethereum price analysis: Technical analysis point to a possible drop below $1,800
The daily chart for ETH/USD shows the pair is trading in an ascending triangle pattern. The price has been making lower highs and higher lows since mid-April, which indicates bulls are unable to push the price beyond the resistance level at $1900.
On the technical side, ETH/BTC pair is down 1.07% from the local high and currently trading at 0.06698BTC, based on fractal analysis there is a possibility of ETH dropping below $1800 if it fails to break above the crucial resistance level at $1900. Ethereum price analysis reveals ETH is still in a possible accumulation phase. The weekly chart shows that the bulls have been able to defend the $ 1,700 level multiple times this month while institutional inflows continue to support the coin’s price action.
Popular technical indicators are signaling a potential nose dive, with RSI and MACD both trending downwards. The moving average is also showing a bearish crossover below the 0-line, suggesting further downside in the near future. The Stochastic RSI is also likely to cross down from its overbought zone.
Ethereum price analysis on a 4-hour chart: Bulls unable to defend $1900
Looking at the 4-hour chart, Ethereum’s price is trading below the 20-MA and 50-MA lines, indicating a bearish trend in the near term. The RSI has also dropped down from its overbought zone, signaling that bulls are losing their grip on ETH/USD pair. Moreover, the MACD is trending downwards, which could indicate further downside in the near future.
The Stochastic RSI has also crossed down from its neutral zone and is currently hovering around 30 levels. This suggests that ETH/USD pair may face further downside pressure if it fails to break above the $1900 resistance level.
Ethereum price analysis conclusion
Overall, Ethereum price analysis reveals that ETH is at a critical juncture and needs to break above the $ 1900 level for further upside. Meanwhile, institutional investors continue to show confidence in the token following the successful implementation of the Shapella hard fork. The technical indicators also suggest a potential downside as bears have been able to push back bulls from pushing the prices higher. A break below $1800 could open up the possibility of further downside in the near term.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve.
