Ethereum has faced further selling pressure, leading to a 6% drop. Investors focus on the $1,800 support level.
Selling Pressure
Since March 24, Ethereum has experienced a continuous price decline, reaching $2,105. The recent correction led to the loss of almost all previous gains, with investors keeping an eye on the $1,800 level as potential support. According to the Core Personal Consumption Expenditure (PCE) Index, February's inflation rate reached 2.8%, impacting both equities and cryptocurrencies.
Technical Indicators of Decline
Technical charts indicate a negative pattern for Ethereum, raising concerns among traders. A triple top formation at $4,000 and a neckline at $2,130 suggest further downside. MACD and Relative Strength Index signal weak buying activity, with the market monitoring the $1,523 level.
Potential Price Movements
Ethereum's potential price movement could lower to levels around $900, as past reactions have tested this area. Active selling forces are currently shaping future price directions.
Ethereum continues to experience downward pressure, with investors closely monitoring key support levels.
