The price of Ethereum has been dropping rapidly in recent weeks, with the asset experiencing a massive crash since breaking below the 200-day moving average. While the price has recovered slightly and is currently testing the $2,700 level, it is still possible for further downside movement. The asset is currently moving inside a descending channel pattern on the 4-hour chart, and a breakout could lead to a rally towards the recent major high of $2,900, while a breakdown could result in a drop towards the $2,400 region. During the recent crash, many futures traders have been liquidated and open interest in Ethereum futures has plummeted. However, this could be a positive sign as it indicates a cooling down of the futures market and the potential for a recovery driven by buying pressure in the spot market.



Other News from Today