Will Bulls Boost Ethereum Price Back To $2,000 Within Parallel Channel?
The post Will Bulls Boost Ethereum Price Back To $2,000 Within Parallel Channel? appeared on BitcoinEthereumNews.com.
In recent months, Ethereum (ETH) has felt heavy bearish pressure. Falling from over $4,000 in December 2024 to current levels near $1,572, almost a 60% decrease in price. It has formed a descending channel on the daily chart, which indicates that downward momentum continues. While volume has fallen 33.25% in the last 24 hours, ETH price has increased by 4.288% in the same period. Is Ethereum gearing towards recovery, or will the bearish forces continue to dominate? Ethereum Price Analysis The price action shows a very long downtrend, beginning in December 2024. After reaching highs around $4,000, ETH has continuously fallen, at present standing at $1,572. That represents a decline of about 60% within four months. The descending channel makes it abundantly clear how strong selling pressure has been for the past few months. ETH’s price is testing the lower boundary of the descending channel, with the price finding temporary support near $1,422 (0 Fib level). EMAs are declining, proving that the market structure has a bearish trend. Shorter-duration EMAs rest below, therefore, underlining stronger bearish momentum. Currently, ETH trades under all the major moving averages. The RSI sits around the 28.37 level indicating ETH is in oversold conditions. Despite oversold levels, buyers are timid to approach aggressively hence suggesting a reserved sentiment in the market. Nevertheless, as soon as the broader market improves, this oversold status may clear possible conditions for a rally. Ethereum has moved along a well-defined descending channel since December 2024. Prices have clearly rejected rally attempts at the upper boundary while the lower boundary has on a number of occasions seen price support. The present price action is testing this lower boundary at around $1,550 in what has become a critical level at which price could either break down or bounce back. Key resistance levels…
Filed under: News - @ April 9, 2025 5:24 am