The Ethereum price could be subject to strong bearish forces in the coming days and could fall to $2800 in April.
Ethereum hasn’t had a strong start to the second quarter, similar to most of the large-cap cryptocurrencies. The token is down 9% from its April opening price. The decline could get much worse if ETH is unable to reclaim the $3400 support level.
Ethereum is currently trading at $3324, with a market capitalization of just under $400 billion.
Owing to the uncertainty surrounding ETH and other large-cap tokens, investors are switching to presale cryptocurrencies. For instance, a new cloud mining token – Bitcoin Minetrix – has raised close to $13 million in its ICO.
Ethereum Price Analysis – Most Important Levels To Watch
As previously mentioned, it is imperative for the bulls to flip the $3400 resistance into support for Ethereum to resume its upward trajectory.
According to analyst Ali Martinez, the fall below this level has confirmed the formation of a bearish pennant with a price target of $2,800. Indeed, data from Into The Block reveals that ETH does not have any strong demand zones until $2850.
In trading, you must always be prepared for the best and the worst!
The most brutal scenario for #Ethereum right now is breaching the $3,400 support level. Such a move could confirm a bear pennant formation on the daily chart, potentially triggering a major correction for $ETH… pic.twitter.com/LIXyuz8NlI
— Ali (@ali_charts) April 1, 2024
Other analysts share Martinez’s pessimism. Trader Crypto Tony has identified that the Ethereum price needed to flip the $3,650 resistance into support to secure a bullish continuation. Now, a retest of the $3,050 support could be in the cards.
Fibonacci analysis also reveals that ETH needs a significant surge to avoid more correction. The Ethereum price is currently trading near 0.618 Fibonacci level – a crucial support that indicates that an asset is in a bull run. A breach below it could confirm a pullback to $3000.
Can ETH Bounce Back?
As previously mentioned, the second-largest cryptocurrency hasn’t had a stellar start to April. What is more worrisome however is that Ethereum significantly underperformed Bitcoin and Solana in March as well.
The biggest factor contributing to Ethereum’s tepid price action is the uncertainty in regard to spot Ethereum ETF approval. Despite BlackRock and Fidelity’s stellar approval records, analysts remain doubtful about the SEC’s nod.
Bloomberg analyst Eric Balchunas, who called the spot Bitcoin ETF approval earlier than most, gives less than a 25% chance to a potential spot ETH ETF approval. According to him, the lack of communication between the Commission and the issuers is a sign that the SEC will reject all spot Ethereum ETF filings, come May 23rd.
Getting tagged in tweets about this filing, the Eth corr study, and other eth etf hopium. I respect it all but our odds for Eth ETF approval in May remain a pessimistic 25% (I’d go lower if I could tbh). There’s 7 wks till deadline and radio silence from SEC = bleak. (Again,… https://t.co/fc8elrYm64
— Eric Balchunas (@EricBalchunas) March 28, 2024
Ethereum bulls would probably have to wait for the upcoming US presidential elections to hope for a change in the SEC leadership. Until then, both Bitcoin and Solana appear poised to outperform the second-largest cryptocurrency.
New Crypto Coin Bitcoin Minetrix Raises $13 Million In ICO
The demand for presale cryptocurrencies continues to rise, and Bitcoin mining is back in the news as a new JP Morgan report predicts the profitability of mining to rise post-halving.
Combining those elements is new crypto mining project, Bitcoin Minetrix, one of the hottest cryptocurrency presales, having already raised close to $13 million from early investors.
The project aims to make crypto mining rewards accessible to retail investors, something they have been missing out on for over a decade.
Bitcoin Minetrix mines BTC on behalf of its users, later distributing the profits in proportion to their initial investment. Investors simply need to buy and stake $BTCMTX tokens – no major capital investment, no mining expertise.
Minetrix is also building a stake-to-mine dashboard that will offer complete transparency and decentralization – features missing from other cloud mining projects.
Owing to this unique value proposition, investors such as Michael Wrubel and Jacob Bury are bullish on Bitcoin Minetrix and project it to deliver 10x returns after launch. The project has also announced a $30,000 airdrop.
Visit Bitcoin Minetrix Presale
✓ Share:
Disclaimer
This article is a paid publication and does not have journalistic/ editorial involvement of CoinGape. CoinGape does not endorse/ subscribe to the contents of the article/advertisement and/or views expressed herein. Do your market research before taking any actions . The author or the publication does not hold any responsibility for your personal financial loss.
This news is republished from another source.
