The price of Ethereum (ETH) has been on a roller-coaster ride in the last 24 hours. The leading altcoin printed a drop of 2.11% according to CoinMarketCap, despite the eagerly anticipated Shanghai upgrade. Wu Blockchain (@WuBlockchain) tweeted about this morning that, the downsizing in ETH options Implied Volatility is due to the market liquidity, which thins out over Easter. On a weekly perspective, the ETH's current price at $1,836.69, stands 0.92% in the green.

However, Ethereum's price has dropped below the key support levels of $1,845, and its price also dropped below the positive trend line on its daily chart. The altcoin's daily RSI line has crossed below the daily RSI SMA, indicating the price may yet hit the next key support level of $1,715. To escape this bearish trajectory, ETH's price must close above its original support level of $1,845. If it manages to do so, a minor resistance is predicted at $1,911.95.

Although volatility remains low in the crypto market, Ethereum is still subject to tumultuous markets conditions and needs close observation. There are two key trends to keep in mind: first, the diverse changes in the market volatility, second, the multi-level support and resistance that ETH is currently subjected to. Therefore, although the Shanghai update could provide increased opportunities, it is important to stay informed on the changes that the ETH price trends may take.

The main factors driving the volatility of ETH are the performance of Bitcoin (BTC) and the market liquidity. BTC's 24-hour performance far exceeded that of ETH; however, the Ethereum network's imminent Shanghai update continues to entice market participants. The stance of cautious optimism will be an effective tool to navigate the instability Ethereum is currently subject to. As always, it is important to continue to be mindful of these complex market conditions, and to stay informed on the technical trends that may affect the altcoin's eventual price.



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