Ethereum drove a general market decline at the start of April 2019. Investors face ongoing challenges as they try to maintain stability in the overall cryptocurrency marketplace. Over the past 47.12% of the year Ethereum has continually lost value as its outflows continue month after month.
The price of Ethereum has broken below its vital $1,800 mark which demonstrates that investors deeply mistrust ETH. In recent hours Ethereum fell to $1,751.33 while traders sent $26 billion to the market. The cryptocurrency faces crucial tests at its triangle-shaped support line that sets important short-term price directions.
Ethereum Faces Strong Selling Pressure
Market signals show a clear downward trend in price. ETH faces strong selling momentum because the Simple Moving Average now blocks its ascent as the second-largest crypto token’s trading barrier. RSI keeps falling in a downward direction towards oversold markings which indicates prospects for additional price reduction.
Investors show their lack of interest in Ethereum-based Exchange-Traded Funds because these products declined in value. During the period that started March 17 no more than three ETFs registered increases in capital while increases happened at most five times.
During the listed dates Grayscale’s fund for ETHE recorded large buy orders totaling $10.2 million and $4.7 million respectively and Fidelity’s FETH ETF received $6.4 million on March 31. 21Shares joined as a third fund experiencing buy trends with $0.7 million and $1.7 million on March 19 and April 1 respectively.
ETH ETFs saw positive money flowing to managers for two periods during the last 14 market days and negative withdrawals stimulated 11 alike days plus one neutral case. Markets show declining interest from investors in investing in Ethereum financial assets.
The price of Ethereum will move forward or backward during the next months depending on how well the market defends and keeps the $1,800 price level. ETH price will reach $2,000 easier when buyers hold control at $1,800 and continue pushing the price toward $2,200 as buying power goes up.
The market shows a strong potential for falling prices. When selling pressure builds up strongly ETH may fall to $1,700 and even drop to $1,500 faster when liquidations increase.
The second-largest cryptocurrency market experiences strong fluctuations now making investors wonder if ETH will recover its values or sink deeper. Ethereum needs several weeks to prove if it can recover from market difficulties.