Why Ethereum’s price can spiral towards $2500 over the next 7 days

volume on the first day outlined the sentiment toward ETH and crypto. The Open Interest also fell lower to suggest speculators were more guarded.The higher timeframe trend of Ethereum flipped bearishly after it dropped below the $2906 swing low. If the daily session closes below this level, the price would very likely head toward the next support zone at $2600.

This region also has confluence with the former range highs that ETH traded within a few months ago. The RSI on the 1-day timeframe has been below neutral 50 for most of April, highlighting consistent downward momentum. The OBV also slipped below a support level recently and retested it as resistance. Ethereum is likely to register sizeable losses before reaching the next notable level on the indicator.It is expected that ETH will descend to this liquidity pocket before a reversal. Chances of a reversal before that were slim, since these liquidation levels act as magnetic zones to the price.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.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. A graduate in Chemical Engineering, he is an expert in technical analysis.

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