{"id":838,"date":"2021-04-20T00:58:21","date_gmt":"2021-04-20T04:58:21","guid":{"rendered":"https:\/\/www.hodlin.com\/blog\/?p=838"},"modified":"2021-04-20T01:07:28","modified_gmt":"2021-04-20T05:07:28","slug":"ethereum-price-drops-during-crypto-market-crash","status":"publish","type":"post","link":"https:\/\/www.hodlin.com\/blog\/ethereum-price-drops-during-crypto-market-crash","title":{"rendered":"Ethereum Price Drops 12% During Crypto Market Crash! Will $2k Hold for ETH to Reach $3.2k?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1200\" height=\"675\" src=\"https:\/\/cdn.hodlin.com\/blog\/wp-content\/uploads\/2021\/04\/ethereum-price-drops-during-crypto-market-crash-1200x675.jpg\" alt=\"Ethereum Price Drops During Crypto Market Crash\" class=\"wp-image-841\" title=\"\" srcset=\"https:\/\/cdn.hodlin.com\/blog\/wp-content\/uploads\/2021\/04\/ethereum-price-drops-during-crypto-market-crash-1200x675.jpg 1200w, https:\/\/cdn.hodlin.com\/blog\/wp-content\/uploads\/2021\/04\/ethereum-price-drops-during-crypto-market-crash-780x439.jpg 780w, https:\/\/cdn.hodlin.com\/blog\/wp-content\/uploads\/2021\/04\/ethereum-price-drops-during-crypto-market-crash-768x432.jpg 768w, https:\/\/cdn.hodlin.com\/blog\/wp-content\/uploads\/2021\/04\/ethereum-price-drops-during-crypto-market-crash-1536x864.jpg 1536w, https:\/\/cdn.hodlin.com\/blog\/wp-content\/uploads\/2021\/04\/ethereum-price-drops-during-crypto-market-crash-2048x1152.jpg 2048w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption>Ethereum Price Drops During Crypto Market Crash<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">In Brief<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>The <a href=\"\/coins\/ethereum\" class=\"rank-math-link\">Ethereum price<\/a> crashed on April 18 &#8211; 19.<\/li><li>At the moment, prices are stable. However, patterns are distorted, swinging in favor of bears in the medium-term.<\/li><li>As of writing on April 19, the ETH price is trading at $2.26k, stable on the last day and up seven percent week-to-date.<\/li><li>While ETH prices may be stable, trading volumes are down seven percent on the last day to $44 billion.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Ethereum Price Overview<\/h2>\n\n\n\n<p>Technical candlestick arrangements favor ETH\/USD bears in the immediate term.<\/p>\n\n\n\n<p>The path of least resistance, going forward, is southwards. Yesterday&#8217;s close below $2.1k with increasing trading volumes confirm the double bar bear reversal pattern of April 15 and 16.<\/p>\n\n\n\n<p>Depending on today&#8217;s action and whether there will be a follow-through, forcing ETH\/USD prices below Q1 2021 highs, April 18 losses may turn out to be a retest.<\/p>\n\n\n\n<p>Technically, yesterday&#8217;s bar, despite being with high trading volumes and wide-ranging, closed with a long lower wick. This either suggests a climactic bar marking the end of a correction in a retest of Q1 2021 highs as part of last week&#8217;s bullish breakout pattern.<\/p>\n\n\n\n<p>Further losses could unwind and deflate bulls, marking exhaustion and the beginning of what would be a protracted conclusion back to $1.9k before $1.5k.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Ethereum Market Movers<\/h2>\n\n\n\n<p>Ethereum remains the home of <a href=\"https:\/\/www.hodlin.com\/blog\/what-is-defi-decentralized-finance\" class=\"rank-math-link\">DeFi<\/a> and NFTs. Both markets are active, moving millions, if not billions, of dollars every day.<\/p>\n\n\n\n<p><strong>Last week, Berlin activated.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">The Berlin upgrade is now live on the <a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">#Ethereum<\/a> Mainnet!<\/p>&mdash; Bitfly (@etherchain_org) <a href=\"https:\/\/twitter.com\/etherchain_org\/status\/1382637894624550918?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">April 15, 2021<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>The upgrade had several gas cost efficiencies and security enhancements. The team now prepares for London that will introduce ETH burning, reducing total supply.<\/p>\n\n\n\n<p>Analysts project over $1 billion worth of ETH to be burnt every month once EIP-1559 goes live.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">2\/5\ud83d\udd25<br>The BNB burn equals to ~$6.67m burned per day.<br><br>It&#39;s projected that after the merge, Ethereum will burn 12,000 &#8211; 15,000 ETH per day. At today&#39;s prices of $2400 that means ETH will burn between $28.8m &#8211; $36m per day.<br><br>That&#39;s between $864m &#8211; $1.08b per month burned.<\/p>&mdash; swagtimus.eth \ud83d\udcdc (@Swagtimus) <a href=\"https:\/\/twitter.com\/Swagtimus\/status\/1383001074433417216?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">April 16, 2021<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>That will be equivalent to three halving events, others reckon:<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\nhttps:\/\/twitter.com\/SquishChaos\/status\/1383435339910418432\n<\/div><\/figure>\n\n\n\n<p>Three ETH ETFs have been approved in Canada. They will begin trading on the Toronto Stock Exchange on April  20.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Three Ethereum ETFs approved :<br><br>Purpose Ether ETF<br>CI Galaxy Ethereum ETF <br>Evolve Ether ETF <br><br>All are launching on 4\/20.<\/p>&mdash; Documenting Ethereum \ud83e\udd87\ud83d\udd0a (@DocumentEther) <a href=\"https:\/\/twitter.com\/DocumentEther\/status\/1383500091617468426?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">April 17, 2021<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Therefore, even if ETH prices are flushed at spot rates, a trader says the undervaluation of the coins presents a loading opportunity:<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\nhttps:\/\/twitter.com\/AltcoinPsycho\/status\/1383528046171279361\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Ethereum Price Analysis<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1200\" height=\"675\" src=\"https:\/\/cdn.hodlin.com\/blog\/wp-content\/uploads\/2021\/04\/ethereum-daily-price-chart-for-april-19-1200x675.png\" alt=\"Ethereum Daily Price Chart For April 19\" class=\"wp-image-839\" title=\"\" srcset=\"https:\/\/cdn.hodlin.com\/blog\/wp-content\/uploads\/2021\/04\/ethereum-daily-price-chart-for-april-19-1200x675.png 1200w, https:\/\/cdn.hodlin.com\/blog\/wp-content\/uploads\/2021\/04\/ethereum-daily-price-chart-for-april-19-780x439.png 780w, https:\/\/cdn.hodlin.com\/blog\/wp-content\/uploads\/2021\/04\/ethereum-daily-price-chart-for-april-19-768x432.png 768w, https:\/\/cdn.hodlin.com\/blog\/wp-content\/uploads\/2021\/04\/ethereum-daily-price-chart-for-april-19.png 1366w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption>Ethereum Daily Price Chart For April 19 via <a href=\"https:\/\/www.tradingview.com\/\" class=\"rank-math-link\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n\n\n\n<p>The ETH\/USD price is trading within a bullish breakout pattern.<\/p>\n\n\n\n<p>However, sellers may take control if ETH bulls don&#8217;t reverse the steep losses of April 18.<\/p>\n\n\n\n<p>ETH\/USD prices are currently trending along with April 2021 highs in a retest and confirmation of the double-bar bearish reversal pattern of April 15 and 16.<\/p>\n\n\n\n<p>If April 19 closes below $2.1k with high trading volumes, ETH prices may drop losses invalidating the early Apr 2021 breakout as a &#8220;fake-out.&#8221; In that case, the ETH\/USD price may plunge back towards $1.9k and later $1.5k as aforementioned.<\/p>\n\n\n\n<p>Therefore, bulls may take a wait-and-see approach going forward until there is a trend definition.<\/p>\n\n\n\n<p>A conclusive reversal of April 18 losses with increasing trading volumes confirms $2.1k as a reliable support. If this pans out, the ETH price could expand back to $3.2k in a buy trend continuation pattern.<\/p>\n\n\n\n<p><strong>Disclaimer:<\/strong> <em>Opinions expressed are not investment advice. Do your research<\/em>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In Brief The Ethereum price crashed on April 18 &#8211; 19. At the moment, prices are stable. However, patterns are distorted, swinging in favor of bears in the medium-term. As of writing on April 19, the ETH price is trading at $2.26k, stable on the last day and up seven&#8230; <a class=\"more-link\" href=\"https:\/\/www.hodlin.com\/blog\/ethereum-price-drops-during-crypto-market-crash\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":841,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10],"tags":[6,51],"class_list":["post-838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-ethereum","tag-ethereum-price"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/posts\/838","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/comments?post=838"}],"version-history":[{"count":4,"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/posts\/838\/revisions"}],"predecessor-version":[{"id":850,"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/posts\/838\/revisions\/850"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/media\/841"}],"wp:attachment":[{"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/media?parent=838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/categories?post=838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/tags?post=838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}