• Ethereum price is in a straight decline on the 4-hour chart. 
  • ETH price has confirmed bearish control on the RSI.
  • Invalidation of the bearish thesis is a close above $2970.

Ethereum price shows no resistance to inflation and Silicon Valley profit-taking. Ethereum price could see more sell-offs in the coming days.

Ethereum price sells off like a tech stock

Ethereum price disappoints the DeFi community as the "Decentralized Smart Contract" endures similar sell-offs to last week's decline in the Nasdaq 100. Investors noticing the mirrored decline may be in a hurry to throw in the towel as the ETH price could fall an additional 10-15% into the $2500 level. 

Ethereum price action displays a severely steep decline. The bearish engulfing candles are firing slightly larger as the trend progresses, while the bulls have less time to defend the price on the 4-hour chart. A Fibonacci projection tool says $2500 is likely if the technicals are correct. The Relative Strength Index also shows a complete capitulation from the bulls as ETH price smashed through the buyers' territory. The ETH price currently trades at $2870 and could see consolidation before another drop occurs.

TM/ETH/4.25.22

ETH/USDT 4-Hour Chart 

TM.NAS.4/25/22

Nas-100- 4-Hour Chart 

Bulls favoring decentralization of the United States' monetary system are likely to question their portfolio as the ETH price mirrors Silicon Valley tech stocks like Netflix and Uber. If market conditions persist, the US Dollar Index could see another surge as stock and crypto investors would convert their underperforming assets into fiat. 

Invalidation of the bearish scenario is a daily closing candle above $2968. If the bulls can conquer the price territory, a break back to $3250 could happen, resulting in a 13% increase from the current ETH price.

 

 

 

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Here’s what to expect from AAVE V3 launch on the Ethereum mainnet

Here’s what to expect from AAVE V3 launch on the Ethereum mainnet

Aave, an Ethereum-based protocol that offers automated crypto loans to users, recently launched its V3 version on the mainnet. Aave V3 is now live on Ethereum, offering the community an improved version of capital efficiency and liquidity while reducing gas costs. 

More Aave News

Here’s why Ethereum-killer Cardano whales are shedding their ADA holdings

Here’s why Ethereum-killer Cardano whales are shedding their ADA holdings

Cardano, an Ethereum-competitor and a proof-of-stake blockchain network has witnessed a decline in ADA holdings of large wallet investors. Whales holding between 1000,000 and 100,000,000 ADA tokens have shed their Cardano holdings.

More Cardano News

Why Ethereum bears need to be cautious about shorting ETH before $2,000

Why Ethereum bears need to be cautious about shorting ETH before $2,000

Ethereum price has been consolidating after the January rally subsided after three weeks. This tightening continues even after BTC shot up 3% over the weekend. 

More Ethereum News

Hedera missed the opportunity to reach that target before the fade kicked in

Hedera missed the opportunity to reach that target before the fade kicked in

Hedera (HBAR) price has been shooting for the starts but looks to be dropping like a stone now. Just like Icarus, who flew too close to the sun, this time, Hedera came just not close enough to the projected price target for this rally.

More Hedera News

Bitcoin: If bulls are back, this is where you can accumulate BTC next

Bitcoin: If bulls are back, this is where you can accumulate BTC next

Bitcoin price shows a lack of momentum after an explosive move in the last three weeks. The fourth week has been relatively silent, without a lot of volatile moves. While BTC consolidates, other altcoins are rallying left and right, providing massive gains.

Read full analysis

BTC

ETH

XRP