Analysis: Ethereum Falls Below 200-Hour SMA, Opening Risk of Drop to $1,580
Suehyeon Lee
Summary
- Ali Martinez said Ethereum is currently trading below its 200-hour simple moving average (SMA).
- He said $1,580 could be Ethereum's next major downside target if it fails to rebound from current levels.
- Ethereum was trading at $1,652.47, down 5.35% from a day earlier, on Binance's USDT market.
Forecast Trend Report by Period
Ethereum could face further losses, according to crypto analyst Ali Martinez.
Martinez wrote on X on June 23 that Ethereum was trading below its 200-hour simple moving average, or SMA. If it fails to rebound from current levels, $1,580 could be the next major downside target.
The 200-hour SMA is a key technical indicator used to assess short-term trends. Prices trading below that level are generally interpreted as a sign that bearish momentum is strengthening.
Ethereum was trading at $1,652.47 on Binance's USDT market, down 5.35% from a day earlier.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
