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Ethereum price analysis: ETH crashes south of $4300, amid market flash crash

Ethereum price analysis ETH crashes south of amid market flash crash

TL;DR Breakdown

  • Ethereum price analysis is bearish today.
  • Resistance is found at $4430.
  • The support for ETH is found at $4290.

The Ethereum price analysis shows the coin has crashed spectacularly today. The ETH/USD was on the decline for the past four days, but the fall was slow, and Ethereum managed to maintain its price above the psychological mark of $4500. But today, Ethereum crashed unexpectedly; however, Ethereum is not the only one suffering the immense loss. It seems like a flash crash situation, and all cryptocurrencies have suffered well today.

Today the Cryptocurrency market observed a huge loss in just four hours time period when most of the top coins went through severe devaluation along with the leader Bitcoin crashing down to the $60,000 range losing around seven percent value.

ETH/USD 1-day price chart: Bulls to defend the support of $4290

The 1-day Ethereum price analysis shows the coin value has decreased to a great extent as the bears pulled the price down from $4562 to $4329 in just a few hours. ETH/USD is trading hands at the $4329 at the time of writing, reporting a loss in price value amounting to 7.6 percent over the last 24 hours, and the crypto pair also reports a loss of 9.65 percent over the course of the last seven days, as the coin was on a downslide for the past few days accumulating to the weekly loss. However, the trading volume has increased by more than 52 percent over the last 24 hours.

Ethereum price analysis: ETH crashes south of $4300, amid market flash crash 1
ETH/USD 1-day price chart. Source: Tradingview

The volatility indicator shows convergence despite the wild downswing in price. The Bollinger bands upper value is present at the $4849 mark, and the lower limit at the mark of $4225 represents support for the ETH/USD. The price has stooped below the mean average of the volatility indicator, which now represents resistance for ETH at the $4537 mark.

Today’s bears market has also ignited the selling activity as the relative strength index shows a steep downwards curve. The RSI has traveled below the centerline of the neutral zone and is trading at index 47.

Ethereum price analysis: Recent developments and further technical indications

The 4-hour Ethereum price analysis shows the cryptocurrency went through a severe loss during the starting four hours of today’s session when the price went down to $4308 while swinging as low as $4251 at a time. However, bullish efforts have emerged recently, and the price has been rescued up to $4329 recently, and chances for further recovery are also there.

Ethereum price analysis: ETH crashes south of $4300, amid market flash crash 2
ETH/USD 4-hours price chart. Source: Tradingview

The volatility indicator is showing a different situation on the 4-hour chart; the Bollinger bands are expanding vastly with the lower band at the $4393 mark representing resistance for the ETH as the price went below the lower band during the last four hours. The relative strength index (RSI) touched the underbought region and is trading at index 30, indicating immense selling pressure in the market.

Ethereum price analysis: Conclusion

The Ethereum price analysis shows that the cryptocurrency has observed a major loss today. However, the price is rising again, and there are chances for a little more recovery, but the recovery process is slow and may not equal the loss already incurred. Traders can expect ETH/USD to trade in the $4260-$4400 range today.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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