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Ethereum ends April on a weakened position, just like March ended. This weakness is further strengthened by large entities aggressively selling.
As a result, the downside risk remains stronger. Looking at the Stochastic Momentum Index (SMI), this indicator sits deep into the negative zone, suggesting strong bearishness.
Ethereum SMI & EMA MA Crossover
Source: TradingView
At the same time, the EMA and MA Crossover indicator also sit above ETH at $2316 and $2314, respectively, confirming short-term weakness.
These two indicators suggest that ETH could see some losses at the beginning of May. Thus, if large entities continue to sell, ETH will breach the $2.2k support and drop towards $2100.
However, if retail pressure holds the market, ETH will reclaim $2316, setting the stage for a positive May outlook and likely move above $2.5k.
$ETH