Ethereum Price Prediction as ETH Falls 10% in a Week – Here’s the Next Support to Watch

cryptonews.com:

The Ethereum price has suffered a 7% drop in the past 24 hours, with its current price of $3,283 also representing a 10% loss in a week.

ETH’s falls today come as the crypto market loses 6.5%, a dip which follows another apparent round of profit-taking among traders.

This caps off quite a disappointing period for Ethereum, which is also down by 3.5% in a month, while up by only 80% in a year (whereas rival SOL is up by over 700%).

However, optimists would contend that this means traders have oversold and undervalued ETH, which could be nearing a big rally sooner or later.

ETH’s indicators have pretty much hit rock bottom, implying that the coin should be coming back up very soon.

Its 30-day moving average (orange) has fallen steeply below the 200-day (blue), so far below that you would think, other things being normal, the coin is close to rebounding.

It’s a similar story with ETH’s relative strength index (purple), which fell below 30 this morning and is actually heading to 20.

This means the market has sold ETH heavily, too heavily, and that it needs to come up soon, if only because traders will probably be tempted enough by the discount it’s currently offering.

Of course, Ethereum’s support level (green) has taken a battering in recent weeks, and it’s very possible that it slips further amid market negativity and nerves.

It could potentially drop to $3,000 before stabilizing again, although there are signs that some whales have already begun accumulating the token.