Ethereum (ETH) drops below short-term upward trend

The downturn of the entire crypto market has caused the price of Ethereum (ETH) to fall below the short-term upward trend, with buyers having a hard time supporting the digital currency.

Recent price analysis for the asset revealed that the bull and bear sides are in active competition for the dominant position in the 20-day Moving Average support of more than $2,100.

The second-largest cryptocurrency, boasting a market cap of almost $245 billion, has seen a decrease of 2.06 percent in a week. At one point, Ethereum saw a 5.22% decrease in its value in just 24 hours.

Nothing saved Ethereum

Not even the news of the start of trading on the Toronto Stock Exchange of the three Ethereum ETFs approved by Canada last week could save the digital currency from suffering yet another fall.

The three ETFs are said to invest in Ethereum directly and would allow investors to buy into the EFT without the need to go through the complicated process of trading the digital asset itself.

Such a development should have helped the currency to avoid the slip, but the noise it created wasn’t loud enough to push back the observed fall.

 A quick glance at Ethereum price

After Ethereum (ETH) recorded a historical high on April 16, it showed a downward trend, and it even reached $1,952 last Sunday. Although there were struggles to push the price above the uptrend line, the push was achieved the following day.

There are certain factors now that could lead to a fall below the $2,000 mark again. One of them is if the players that are pushing the price down to the 20-EMA support line and dominate the market, the scenario is likely to happen.

A test to the 50-day moving average of $1,957 is also a possibility for Ethereum, given the current movement of its price.

 

Image courtesy of David McBee/Pexels

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