Summary
- Cointelegraph analyzed that a technical bearish signal was detected on the Ethereum (ETH) weekly chart.
- It said the signal previously led to 46~60%% declines, and that the $4,000 support is important.
- Experts said that if macroeconomic uncertainty and technical signals coincide, short-term corrective pressure could increase.
On the 16th (local time), crypto-focused media Cointelegraph analyzed that a technical bearish signal that previously caused 46~60% declines has reappeared on the Ethereum (ETH) chart.
According to the outlet, on Binance's ETH/USD weekly chart a cross occurred with the moving average convergence–divergence (MACD) line crossing below the signal line.
The outlet said, "This phenomenon was also observed earlier this year, when the spot ETH price plunged more than 60% within weeks," and "There was about a 46% correction after a similar signal in mid-2024," adding, "ETH must hold the $4,000 support to avoid further declines."
Experts warned, "If technical bearish signals overlap amid ongoing macroeconomic uncertainty, short-term corrective pressure could intensify."
ETH was trading at 3950.48 dollars, down 0.73% from the previous day on the Binance Tether (USDT) market at 00:43 on the 17th.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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