Cryptocurrency asset Ethereum has continued to experience an increase in network activity, indicative of the crypto market's ongoing adherence to the bull trend. One Twitter user, and crypto enthusiast Miles Deutscher reported that up to 23,634 ETH had been burned in the past week due to heightening activity.
The price of ETH had been doing well within a positive parallel channel between 10 March and 16 April 2021. Unfortunately, bears managed to push the price back down following a breakout attempt above the channel. The price dropped below the $1,945 support level, and was then unable to reclaim a position above the 9-day and 20-day EMA lines. This has kept ETH’s price below both lines in today’s trading session, and indicates the entry of a bearish cycle for the altcoin.
The daily RSI line is also below the RSI SMA line, indicating ETH’s downward momentum may continue. Bears are attempting to push to it the 1,790 support level in order to gain more traction. All eyes will be on the upcoming Federal Open Market Committee (FOMC) meeting, as the outcome could be a significant factor in deciding the price of ETH. Past meetings have caused huge price fluctuations in the crypto market, so it would be wise to speculators to be aware of the potential ripple effects of this meeting.
Esmeralda Morales
- 2023-05-03
Ethereum Network Activity Continues Despite Price Drop
Ethereum's network activity is increasing, indicating a bull trend in the crypto market. Ethereum's price, however, has been pushed down and below the $1,945 support level and both 9-day and 20-day EMA lines, bringing it into a bearish cycle. All eyes are now on the upcoming Federal Open Market Committee (FOMC) meeting which could cause significant price fluctuations in the market.
