Ethereum price crashes by 8%, what can we expect?

The Ethereum price, just like the entire crypto market, crashed hard today. Just a few days ago, the altcoin hit an ATH of $4,870, but today the price unexpectedly crashed 8% to $4,250. What can we expect after the big crypto crash today?

Ethereum 1D Chart

The large price drop is clearly visible on the 1-day Ethereum price chart. The price has fallen from USD 4,570 to USD 4,250 in 1 day. 1 ETH token is trading at $4,290 at the time of writing, meaning its price is down 8.35% today. However, trading volume is up more than 52 percent in the past 24 hours.

The upper limit of the Bollinger band is around USD 4,849 and the lower limit is at USD 4,225. That means we can expect some support for the ETH/USD pair here.

The current bear market has also fueled selling activity as the relative strength index (RSI) shows a steep downward curve. The RSI has traveled below the centerline of the neutral zone and is trading at index 47.

Ethereum 4 Hour Chart

The 4-hour chart shows that the Bollinger bands are expanding enormously. With the lower band hovering around USD 4,390. This will create resistance, as the ETH price has fallen below this lower band. The RSI has also fallen sharply and is now around 30, indicating enormous selling pressure in the market.

So it is clear that the Ethereum price has crashed considerably today. A further fall in the price cannot be ruled out. We can expect some support around USD 4,225. A rapid recovery is not to be expected. There is a good chance that the Ethereum price will continue to trade in the USD 4,225 and USD 4,400 range at least today.

Read Also:  Ethereum Leads Altcoins with Bullish Outlook: Crypto Analysts

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