On May 04, a bearish reversal from the new descending trend line indicated that traders are continuing to sell tiny pullbacks. Furthermore, the current downturn recently broke below the $2800 support level, putting the lower support level of $2500 under pressure. If token holders lose this support, the Ethereum (ETH) price might fall to $2300, the lowest level since January.
Faced with a bearish onslaught in early April, (Ethereum) ETH prices turned around with an evening star pattern from the $3500 mark. As a result of the bearish trend, the market value of Ether has dropped by 28% in the last month. The deflationary trend continues below $3000, approaching the psychological support level of $2500. Furthermore, the $2500 drop was aided by increased trend momentum, as evidenced by the increase in trade volume over the week.
The short-term decline is still being influenced by a resistance trend line, and the strong demand at $2500 suggests that a positive reversal to the trend line is very likely. After surpassing the $2750 barrier, the reverse rally will hit the resistance trend line under favorable bullish conditions.
Whale Alert analyzes transactions from many blockchains, translates them, and records them in a standardized way in its databases. A whale has sent 9,300 ETH to FTX from an anonymous wallet. The transaction was also worth 23,810,164 USD, according to Whale Alert, a blockchain analytics and monitoring organization.
A bearish reversal from the new descending trend line on May 4 revealed that traders are still selling little pullbacks. Furthermore, the current slump has lately broken below the $2800 support level, placing pressure on the lower support level of $2500. If token holders withdraw their backing, the price of Ethereum (ETH) might drop to $2300, its lowest level since January.
In early April, (Ethereum) ETH prices came around with an evening star pattern from the $3500 mark, despite a negative onslaught. The market value of Ether has plummeted by 28% in the last month as a result of the bearish trend. The deflationary trend continues below $3000, with $2500 serving as psychological support.