This Ethereum (ETH) move was unexpected

This Ethereum (ETH) move was unexpected

Ethereum was gaining ground in the market, but that severe and continuous consolidation that led to virtually nothing and simply dragged ETH to around $3,800 was a crucial signal that was an indication of the future performance of the asset.

Ethereum was gaining ground in the market, but that severe and continuous consolidation that led to virtually nothing and simply dragged ETH to around $3,800 was a crucial signal that was an indication of the future performance of the asset.

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ETH price action has taken many traders by surprise despite its previous strong momentum. Ethereum went through a consolidation phase after encountering resistance around $3,800. This sideways move, which often heralds market indecision here, foreshadowed the most recent decline we’ve seen.

ETHUSD
ETH/USD chart by TradingView

Ethereum experienced a significant drop in recent days, reaching levels close to $3,500. The market had been feeling quite optimistic overall, so many people were taken aback by this abrupt drop. There could be several reasons behind this sudden action. Firstly, liquidity problems can be quite significant.

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Low liquidity can lead to steeper price swings, as we have seen with different trading pairs on platforms like Binance. In the case of Ethereum, the recent drop may have been caused by an abrupt decrease in buying pressure, which would have made it easier for sellers to push the price down. Macroeconomic variables always come into play as well, as does investor sentiment.

Technical indicators indicate that ETH sold off heavily in a short period of time. The Relative Strength Index (RSI) recently fell into oversold territory. If buyers re-enter the market, this may suggest the possibility of a rally. The moving averages (MAs) also show a worrying pattern: short-term MAs cross below long-term MAs, which is usually a sign of a bearish trend.

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