Ethereum is the second-largest cryptocurrency token by market capitalization ¹. It has introduced smart contract functionality, which has paved the way for decentralized finance (DeFi) and decentralized apps (DApps) ¹. Ethereum allows users to build and deploy software, commonly in the form of DApps, which are then powered by a global distributed network of computers running Ethereum ¹.

Ethereum has been facing challenges in holding onto its top spot in the market among altcoins ². The bears causing the global cryptocurrency market decline are also dominating ETH ². After dropping more than 11% in the last month, it appears the coin is losing ground to Bitcoin ². With the Bitcoin halving event on the horizon, the crypto community is eagerly anticipating whether the price of Ethereum will see a rebound ².

Bitcoin Halving might also impact the rise in ETH trading price ². The event that takes place after every four years has a notable effect on the cryptocurrency market ². It could impact the Ethereum (ETH) price in different ways ². Initially, the halving decreases the amount of new coins being introduced into circulation ². This limited availability may result in higher demand as investors look to spread out their investments ². If the price of Bitcoin increases after the halving, Ethereum and other cryptocurrencies are expected to also see price hikes because of the increased interest in the market ².

Increased attention from institutional investors and major companies in Ethereum may bring stability and boost the price ². The potential launch of new spot Ethereum exchange-traded funds (ETFs) in May, 2024 could lead to a surge in Ethereum’s value, similar to the impact of Bitcoin ETFs ². However, analysts are concerned about the SEC approval process, with the likelihood decreasing from 70% to 30% due to a lack of communication from regulators ².

A recovery in the cryptocurrency market can result in Ethereum’s price bounce due to various factors ². Firstly, as investor confidence grows with the market’s rebound, more individuals are likely to invest in Ethereum ². Secondly, renewed capital inflows into cryptocurrencies typically include Ethereum due to its reputation and use cases ². Additionally, Ethereum often follows Bitcoin’s trends, so when Bitcoin’s price rises during a market recovery, Ethereum’s price also tends to increase ².

Both the Exponential Moving Average (EMA) and Simple Moving Average (SMA) show that short-term periods of 10, 20, and 30 days are signaling a bearish trend based on technical indicators ². The Ethereum price is below the moving averages, showing the possibility of a price drop in the short-term ².

Similarly, the EMA and SMA for extended durations like 50, 100, and 200 days are also indicating a downward trend ². The current price of ETH is below these moving averages, showing that the overall price movement of Ethereum remains bearish ². The MACD with 12 and 26 periods is giving a Buy signal, suggesting a possible short-term turnaround ².

The MACD, which is a momentum indicator, calculates the variance between two moving averages, and the Buy signal could indicate a slight move towards an upward trend for ETH ². However, there is a Sell signal shown by the EMA across different time periods, ranging from 10 days to 200 days ². This indicates that Ethereum’s price might keep experiencing downward pressure in the near to medium future ².

The RSI (Relative Strength Index) at 37.6 is in the neutral range ². It indicates that ETH’s price is neither overbought nor oversold, suggesting there may be potential for a price reversal if the RSI moves further towards either extreme ².

On the downside, should the price of ETH decline, it will find support at $2698.5 ². Should the decline further past the level, it will find another key level at $2698.5 ². Any more losses might see the price drop further to $2361.2 ².

If the bulls fail to protect the $2698.5 support, the price might decline toward $2361.2 ². On the upside, the price is now facing resistance near the $3581.4 level and the trend line ². The next major resistance is near the 3789.7 level ². A clear move above this level of resistance could send the price toward $4127 ².

Despite facing hurdles and declines, Ethereum price shows indications of potential recovery and opportunities for a comeback ². The future Bitcoin halving and possible introduction of Ethereum ETFs may have a positive effect on the price of Ethereum ². Moreover, the collective rebound of the crypto market could help reverse theThere was a problem generating a response. Please try again later.