Ethereum price loses critical support, eyes 5% drop to $1,581 as momentum declines.
Ethereum price could fall 5%
Ethereum (ETH) is taking cues from BTC, heading lower in market value after the support confluence between the 50- and 100-day SMAs at around $1,854 was lost. With the headwinds steadily growing, BTC could leap further south to pivot around the support confluence between the 200-day SMA and the horizontal line at $1,782.
The above move, bolstered by dropping momentum as indicated by the RSI and AO histograms turning red, tips the odds further in favor of bears, increasing the chances of a prolonged slump.
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ETH/USDT 1-day chart
In the same way, buying by sidelined bulls could reverse the outlook for Ethereum price, pumping a 5% rally to $1,953. In a highly ambitious case, the uptrend could extend past the $2,023 hurdle, allowing Ethereum to reclaim highs recorded between April 14 and April 19. Such a move would constitute almost 15% growth above the current levels.