Ethereum [ETH] seemed to have become a shadow of its former self after the price collapsed from $3,633 to $3,22o in the last 24 hours
The Pi Cycle Top indicator revealed that the ETH might rally.seemed to have become a shadow of its former self after the price collapsed from $3,633 to $3,22o in the last 24 hours.
This is because of the number of addresses that accumulated ETH around $3,700. This has made it a key resistance zone.Source: XHowever, the recent decline meant that there was a sell wall at $3,700 where 991,000 ETH addresses purchased 4.35 million coins. If the participants decide to book profits, the altcoin might find it challenging to revisit the psychological $4,000 mark.above $3,700.
Therefore, AMBCrypto gauged the price action from a technical perspective. According to the 4-hour ETH/USD chart, the Exponential Moving Average depicted a short-term bearish trend for the altcoin.
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