Ethereumhas been drawing a chart that moves parallel to Bitcoin for a long time. However, it has been stuck in a downward channel since March 2024. Although it tried to exit this channel several times, it returned to the resistance levels each time. Currently, the price of ETH is trading at $2,430, near the midpoint of the channel. However, uncertainty prevails in the market.
Bearish Pressure Increases
ETH’s indicators indicate that the bears are currently taking control. The MACD indicator is at -24.21 and the signal line is above the MACD. This is often seen as a bearish signal. RSI has decreased to 45.40; lower than last week’s level of 60. This shows that ETH is losing momentum.
The moving averages are also suppressing the price, and the “death cross” on August 27 made the situation worse. The altcoin has been trading in a stuck zone between $2,766 and $2,221 since August 5.
Ethereum Foundation and Doubts
Some in the Ethereum community are of the opinion that ETH sales by the Ethereum Foundation are suppressing the price. Since January, the foundation has sold 3,800 ETH, and it is claimed that these sales prevented Ethereum from rising. Vitalik Buterin denies these allegations and states that the sales are made to support projects and charities.
Future of Ethereum
altcoinThe current critical support point is $2,120. If it breaks below this level, the next support is possible at $1,548. However, there is a possibility that a possible rise in Bitcoin will also push ETH up. The coming days will be very important for the altcoin.
