Will Ethereum crash again? The surprising April price prediction

, senior ETF analyst at Bloomberg, revealed that their odds of an ETH ETF approval were at 25%. With the deadline in May, a negative outcome could cause prices to slide

AMBCrypto analyzed the price action and relevant metrics to understand the market situation, and if investors should turn bullish on the altcoin king.The 12-hour market structure was still bullish. ETH set a higher low at $3056 on the 20th of March. A recentThis bearish outlook has not yet changed. A move below $3056 would mean that swing traders should shift their bias toward selling. The technical indicators were also growing increasingly bearish.

The RSI showed a reading of 44 and has been below neutral 50 for the majority of the time since the 15th of March. The CMF was also trending downward to show capital outflow was rising.The bulls still have some hope that the bearish chart pattern would not move toward its completion – which is a drop to the $2.6k-$2.8k region.In March, Ethereum faced a rejection at $4.1k. A week before this pullback, the estimated leverage ratio began to fall. After the pullback, the ELR began to trend higher.

The recent ETH losses saw the ratio decline slightly. It showed speculators were beginning to unwind their leverage positions in the face of market adversity.Analysis of the Ethereum exchange reserve showed a downtrend since mid-March, after a two-week spike in early March. This showed that holders had likely taken profits and the wave of selling has begun to lighten.The Coinbase Premium Index reflects the percentage difference between Ethereum prices on Binance and Coinbase on the USDT pair.

Overall, the impact of the Ethereum ETF, or its denial, would be a pivotal event in May. As things stand, the U.S. SEC favored denial, and Balchunas states,performance in the weeks following the halving could lead to more downside. Hence, Ethereum investors have a reason to be wary for the next 6–8 weeks.Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017.

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