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Ethereum may be on its way to before renewed pressureaccording to an interesting technical view. Despite brief outbreaks of recovery attempts, the wider market structure is still trying to turn in favor of bulls, but the price movement shows that the bears still have control. Especially, a Recent technical analysis Posted by Crypto Analyst YourIrds on the TradingView platform highlights a potentially sharp case in Ethereum’s price against $ 1,400 if the current downward trend continues.
Strong rejection from keyfibonacci zone hints to persistent resistance
Technical analysis shows that the Ethereum award diagram is currently characterized by a noticeable GAP (FVG) of 4-hour time frame. This interesting gap was left after a steep 10% case last Sunday and marked a strong area with the seller’s dominance.
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This gap represents a zone with clear imbalance there Sales activity outweighs the purchase pressure And has influenced Ethereum’s price measure over the past seven days. Earlier last week Ethereum returned into this gap and reached the centerpiece, but met with a quick rejection. This rapid rejection showed the intensive sales pressure that exists within this gap.
Interestingly, the Ethereum price has returned to this gap at fair value again, and another rejection here can send it back to a bottom below $ 1,400. In addition, Ethereum is trade within an area Identified as “Golden Pocket” in the Fibonacci extension indicator, which is deducted from $ 1,383 on April 9. Unless price measures break from this level and lead to the next FIB level of $ 0.786 to $ 1,724, there is still a risk of a significant rejection that can lead to the further disadvantage below $ 1,400.
Stocastic RSI -Weadness suggests possible decline forward for Ethereum
In addition to the gap for fair value and Ethereum’s struggle within the golden pocket in the Fibonacci retracing zone, the stocastic RSI is now introducing Another layer of baissearted pressure to the current prospects. This momentumoscillator, which measures the relative strength of the latest price movements, is approaching the over -bought region on the daily time frame.
Ethereum’s approach for over -buy zone with the stocastic RSI is due to inflows that have pushed Krypto’s price from $ 1,383 bottom on April 9. Now that the stochastic RSI is moving into the over -bought zoneIt adds to the baisse -like prospects that it can reject at the gap for fair value and start a new downside correction soon.
So far, the Ethereum price was rejected to $ 1,650 over the past 24 hours, which further supports the Baisse time thesis. If the sales pressure is rebuilt, which is proposed by both the weakening RSI and the persistent resistance at the gap of fair value, the analyst warns of a division that can draw the price to as low as $ 1,400, or even lower.
At the time of writing, Ethereum is traded at $ 1,627.
Image from Unsplash, chart from tradingview.com
