Ethereum Price Prediction: ETH Could Fall to $1,400 if This Happens

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The Ethereum price is in trouble as the sell-off of cryptocurrencies accelerates. ETH is trading at $1,590, which is 20% below where it was last week. Its market cap has dropped to more than $184 billion. Other currencies like Bitcoin and Binance Coin have also plunged.

What happened: The ETH price has dropped sharply today mostly because of the weakness in BTC. The Bitcoin has dropped substantially as investors react to news that Fidelity was launching a Bitcoin to track the Fidelity Bitcoin index. If accepted, it will be the first Bitcoin ETF in the United States.

Therefore, Bitcoin probably declined as investors exit their holdings in the Grayscale Bitcoin Trust, the best-known BTC investing vehicle in the US. However, the trust is known for its high fees, which makes it undesirable to most traders. Therefore, investors are likely exiting the trust as they wait for the ETF, which will likely be cheaper to invest in.

Ethereum price is also falling because of the challenges facing the Decentralized Finance (DeFi) industry. Recent data shows that the total value locked has dropped to $41 billion. This is lower than the all-time high of more than $45 billion.

Finally, the ETH price is falling because of the rising bond yields. The ten-year, 30-year, and 2-year bond yields have all risen after falling recently.

Ethereum price technical forecast

Looking back, as I had written on Monday, the current price action of Ethereum price was inevitable and easy to see. The four-hour chart shows that the ETH had formed two patterns that are known for being bearish. It formed an ascending wedge pattern and a small head and shoulders pattern. And overnight, the pair moved below the neckline of this pattern at $1,700.

Therefore, in the immediate short term, the ETH price sell-off could accelerate as bears target the second support of the standard pivot point at $1512. A break below this support will open the possibility that the currency will fall to $1400.

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ETH price chart

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 24th, 2021

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Ethereum

Ethereum fell by 0.79% on Tuesday. Following a 5.78% slide from Monday, Ethereum ended the day at $1,668.09.

A mixed start to the day saw Ethereum rise to an early morning high $1,714.61 before hitting reverse.

Falling short of the major resistance levels, Ethereum slid to a mid-morning intraday low $1,652.06 before finding support.

Steering clear of the first major support level at $1,623, Ethereum struck a late afternoon intraday high $1,723.61.

Falling short of the first major resistance level at $1,773, Ethereum slid back to sub-$1,700 levels and into the red.

At the time of writing, Ethereum was up by 0.59% to $1,677.99. A mixed start to the day saw Ethereum fall to an early morning low $1,665.47 before rising to a high $1,678.58.

Ethereum left the major support and resistance levels untested early on.

For the day ahead

Ethereum would need to move through the pivot level at $1,681 to support a run at the first major resistance level at $1,711.

Support from the broader market would be needed, however, for Ethereum to break back through to $1,700 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $1,723.61 would likely cap any upside.

In the event of a breakout, Ethereum could test resistance at $1,800 before any pullback. The second major resistance level sits at $1,753.

Failure to move through the $1,681 pivot would bring the first major support level at $1,639 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the 23.6% FIB of $1,579. The second major support level at $1,610 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,639

Pivot Level: $1,681

First Major Resistance Level: $1,711

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin rose by 0.06% on Tuesday. Following a 5.07% slide from Monday, Litecoin ended the day at $185.85.

A mixed start to the day saw Litecoin rise to an early morning intraday high $189.51 before hitting reverse.

Story continues

Falling short of the 23.6% FIB and the first major resistance level at $195, Litecoin slid to a late intraday low $180.71.

Finding support at the first major support level at $181, Litecoin move back through to $187 levels before easing back.

At the time of writing, Litecoin was up by 0.32% to $186.45. A mixed start to the day saw Litecoin fall to an early morning low $185.41 before rising to a high $186.66.

Litecoin left the major support and resistance levels untested early on.

For the day ahead

Litecoin would need to avoid a fall through the $185.36 pivot level to support a run at the first major resistance level at $190.

Support from the broader market would be needed, however, for Litecoin to break back through to $190 levels.

Barring an extended crypto rally, Tuesday’s high $189.51 and the first major resistance level would likely cap any upside.

In the event of an extended rally, Litecoin could test resistance at the 23.6% FIB of $195 before any pullback. The second major resistance level sits at $194.

Failure to avoid a fall through the $185 pivot level would bring the first major support level at $181 into play.

Barring another extended sell-off, Litecoin should steer clear of the second major support level at $177.

Looking at the Technical Indicators

First Major Support Level: $181

Pivot Level: $185

First Major Resistance Level: $190

23.6% FIB Retracement Level: $195

38.2% FIB Retracement Level: $163

62% FIB Retracement Level: $110

Ripple’s XRP

Ripple’s XRP rose by 0.52% on Tuesday. Following on from a 5.26% rally on Monday, Ripple’s XRP ended the day at $0.54963.

A bullish start saw Ripple’s XRP rally to an early morning intraday high $0.59595 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.5880 before falling to a late intraday low $0.53830.

In spite of the sell-off, Ripple’s XRP steered clear of the 23.6% FIB of $0.5320 and the first major support level at $0.5017.

Finding late support, Ripple’s XRP moved back through to $0.55 levels before easing back.

At the time of writing, Ripple’s XRP was up by 0.45% to $0.55210. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.54684 before rising to a high $0.55210.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead

Ripple’s XRP will need to move through the $0.5613 pivot level to bring the first major resistance level at $0.5843 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.58 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.59595 would cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.63 levels before any pullback. The second major resistance level sits at $0.6189.

Failure to move through the $0.5613 pivot would bring the 23.6% FIB of $0.5320 and the first major support level at $0.5266 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.50 levels. The second major support level at $0.5036 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.5266

Pivot Level: $0.5613

First Major resistance Level: $0.5843

23.6% FIB Retracement Level: $0.5320

38.2% FIB Retracement Level: $0.4632

62% FIB Retracement Level: $0.3521

Please let us know what you think in the comments below.

Thanks, Bob

This article was originally posted on FX Empire

Ethereum Price Analysis: ETH plunges toward 1,400 as crypto market generally bleeds

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Ethereum hit a wall slightly above $1,700, opening Pandora’s box for losses under $1,600.

The least resistance path is downwards based on the MACD.

Ethereum abandoned the mission to lift to $2,000, slightly above $1,700. Losses came into the picture with Ether falling below several key support levels, such as $1,650 and $1,600. At the time of writing, Ethereum is trading at $1,570 amid the bearish call to dip further.

The entire cryptocurrency market is in the red, led by Bitcoin’s dip to $52,000. If Ethereum does not find support at $1,500, we can anticipate another dip toward $1,400 or the descending channel’s lower boundary support as illustrated on the 4-hour chart.

Meanwhile, Ethereum’s downtrend has been validated by the Moving Average Convergence Divergence (MACD). The indicator is used in technical analysis to show positions to buy the dip and sell the top. When the MACD line (blue) crosses beneath the signal line, traders are advised to sell.

On the other hand, it is a call to buy when the MACD line crosses above the signal line. The indicator also shows the general trend in the market. At the time of writing, the least resistance path is downwards.

ETH/USD 4-hour chart

The same bearish outlook has been validated by a death cross pattern on the 4-hour chart. This pattern comes into the picture when a short term moving average crosses under a long term moving average. For instance, the 50 Simple Moving Average (SMA) recently crossed below the 100 SMA, implying that the trend had flipped bearish.

Ethereum will resume the uptrend if it holds above $1,600. A move such as this will show the investors that recovery is possible. Gains toward $1,700 will come into the picture as buyers join the market from the sidelines.

Ethereum intraday levels

Spot rate: $1,570

Relative change: -8

Percentage change: -4%

Trend: Bearish

Volatility: High

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