Ethereum Price Analysis: ETH Briefly Flips $2,800 With $200M REKT

A few minutes to the time of writing, Ethereum experienced increased sellers’ congestion that brought it as low as testing its 30-day low. The $2,800 support broke under intense pressure but rebounded at $2,790.

The reason for the drop in price is not far-fetched as previous analysis warned about the current situation. It drew a parallel between two possible scenarios that may have played out over the weekend.

One such plot is that there will be no added increases or losses during the last two days of the week. This will take place as Saturday may be bullish and Sunday being the opposite may erase the accumulated gains. Although both intraday sessions were bearish, they had minute contributions to the coin’s overall performance.

The outlook further stated that the last three intraweek sessions suggest that ether may experience sellers’ congestion during the first intraday session. The $2,800 support may be tested on Monday.

As predicted, the highlighted level was tested and was broken. In addition to the most recent situation, several indicators are printing warnings.

Ethereum may become Oversold

The Relative Strength Index (RSI) is printing a possible bearish signal. The indicator is currently at 38, which brings it closer to 30. A dip below the previously mentioned mark will result in the largest alt becoming oversold.

The pivot point standard also joins the list of negative indicators. Ethereum closed the previous week between the pivot point and first pivot support. The latest downtrend has resulted in asset edging closer to testing the pivot support.

The Moving Average Convergence Divergence (MACD) has fallen below 0. Both EMAs are growing apart which indicates that a bullish convergence is not in sight. The downtrend may continue if the same momentum is sustained by the bears.

More than $60 million worth of long positions were liquidated over the last 4 hours. The total funds REKT in the derivatives market exceeds $200 million over the last 12 hours.