ETH Price Dip: $1550 Under Pressure
Ethereum (ETH) recently experienced a price bounce above $1550, but this rally appears unsustainable. Several factors point to a potential further price decline.
Ethereum Price Analysis: A Bearish Outlook
- Bearish Trend: ETH remains in a long-term downtrend, characterized by lower highs and lower lows.
- Weak Buyer Sentiment: The On-Balance Volume (OBV) indicates weak buying pressure, suggesting sellers are dominating the market.
- Regulatory Uncertainty: The SEC's delayed decision on ETH ETF staking and in-kind redemption adds to market uncertainty.
- Whale Activity: Large ETH holders (whales) offloading their holdings contributes to the downward pressure.
The recent price surge to $1670 on April 9th proved short-lived. While buyers attempted to maintain support above $1550, this level looks increasingly vulnerable.
Short-Term Volatility and Potential Price Targets
We anticipate short-term volatility around the $1500-$1650 range, before a further descent towards $1400. The liquidation map reveals a higher concentration of liquidations below the current price, indicating potential downward pressure.
High-leverage liquidations between $1515 and $1575 could exacerbate this downward movement. Once this liquidity is absorbed, a potential rebound to the $1650-$1700 range might occur, but this scenario is not guaranteed.
Source: ETH/USDT on TradingView
Source: Coinglass
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Disclaimer: This analysis is for informational purposes only and does not constitute financial advice.