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Leading Ethereum-based altcoin [ETH] is facing a critical support level as its price is currently moving within a descending channel. Descending channels typically appear when an asset’s price continuously makes lower highs and lower lows, indicative of a broader downtrend. Data on ETH’s price movement on the daily chart shows that this trend started on March 12. As of press time, the altcoin is trading at $2,915, according to data from CoinMarketCap.
The question is, is there a break below or above?
If ETH bulls cannot maintain the coin’s current support, located at $2,850, we will likely see its price continue to fall below the lower trendline of the descending channel. In this case, the altcoin could fall to the $2600 level.
Several key technical indicators are hinting at the possibility of the price falling below current support levels. For example, key ETH momentum indicators show that the sell-off has exceeded accumulation by market investors.
ETH’s RSI is currently at 39.52, while the MFI is at 49.39, both at their respective neutral points at this time.
The Elder-Ray Index for ETH shows negative values, confirming the current bearish trend. This is an indicator that measures the relationship between the power of buyers and sellers in the market. When this index is negative, it shows that selling pressure is dominating the market.
Related: Bitcoin and Ethereum Exhibit Low Correlation with Market
Similarly, Parabolic SAR dots for ETH have appeared above its price since early May. This is an indicator used to determine the direction and potential reversal of a trend. When these dots are placed above the price of the asset, the market is considered to be in a bearish phase. This indicates that the price of the asset has fallen and may continue to fall.
If ETH price must break below the current support, the coin’s next price drop could fall to $2780. However, if this prediction turns out to be incorrect, the altcoin could rise above $3000.
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