Ethereum (ETH) Price Struggle Below $2,800K

Ethereum (ETH) price tumbles on Thursday following the previous day’s losses. US Stock Futures signaling negative opening, and US Dollar Index gains after three days sell-off. Meta Platforms slumps below 20% in pre-market.

• Ethereum (ETH) price booked another session of loss on Thursday.
• Investors seek buying opportunities near $2,170 on weekly charts.
• Expect more downside toward $1,725 levels last seen in June.

At the time of writing, ETH/USD is trading at $2,612, down 2.62% for the day.

Ethereum’s (ETH) price has fallen following the overall slide in the crypto market. Facebook’s own Meta Platforms company’s shares have been sinking in the pre-opening sessions. The social media company disappointed the market on the guidance resulting in a 20% devaluation.

90K ETH moved to unknown wallets- Ehtereum Whales

Whale Alert, a blockchain tracking and analytics firm reported that almost 90,000 coins were moved from Binance to unknown wallets on February 3. The transfer activity on the Ethereum network observed a surge during the start of February.

Source: Trading view

On the weekly chart, the Ethereum (ETH) price has been trading below the 50-day SMA at $3,000. A strong demand zone emerges near $2,170. Further, the formation of “Doji” candlesticks indicates some indecision among investors. The next strong green candle above this week’s opening of $2,815.49 will result in the testing of $3,432.

The Daily Relative Strength Index (RSI) trades at 36, which is indicating the bearish sentiment in ETH. The negative divergence in the momentum oscillator since May 10 has resulted in the current price action.

Alternatively, if the investors failed to sustain the ‘double support’ around the above-mentioned level. Short positions could be created toward the $1,640 levels, last seen in March 2021.

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