The Russia-Ukraine crisis has deeply impacted each and every sector and the global trading platforms including crypto space witnessed a bloodbath. While Bitcoin price has plunged more than 8%, Ethereum price dropped more than 12%.
And more importantly, no asset is showcasing a possibility of a strong rebound and hence visiting the lower support surfaces. Yet the ETH price amid the current market trends has weakened in the higher time frame too much and hence if the asset failed to sustain, then a notable downtrend may strike again.
Ethereum price maintained its rally above the uptrend line and bounced finely during each of the market sell-offs. However ever since the beginning of 2022, the plunges were drastic which challenged the strength of rallies often. And hence the ETH price appears to be pretty weak in the higher time frame, which is usually very hazardous for the upcoming rally.
What’s Next For Ethereum (ETH) Price?
The Ethereum price since the mid of February is maintaining a decent downtrend which got accelerated since the early trading hours. Amid the war-like situation, the ETH price dumped more than 12% and is currently trying to stabilize the plunge.
However, currently, a small bounce is witnessed but the intensity is extremely low which may be outperformed by the bears very easily. And the fear of the price plunging to the lower levels around $2100 initially and later below $2000 to hit $1800.
The asset is swinging within the lower bands of the Bollinger bands and hence appears to be due for a notable bounce back. The price just sliced through the bands and quickly re-entered without much delay.
As the selling also has reduced, a narrow chopping or small accumulation may be in place before the next step. But on the contrary, the search volume of Ethereum has dropped notably which may impact the price to some extent.
Source: https://coinpedia.org/price-analysis/ethereum-weakening-in-htf-hints-downtrend-eth-price-to-plunge-30-soon/