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#GateSquareAprilPostingChallenge
Ethereum Price Holds at $2,168 as Foundation Leads Sell-Off on 3 Fronts
Ethereum Price
ETHUSD
traded at $2,181 on April 9, sitting just 0.5% above a key technical level while facing coordinated selling pressure from three directions simultaneously.
Ethereum Foundation, spot exchange-traded fund (ETF) holders, and whales are now simultaneously reducing their exposure. On the other hand, two major moving averages on the Ethereum daily chart are approaching each other and could form a bullish crossover. This combination places Ethereum's price in the most confusing position in April.
Symmetrical Triangle Tightens as Two EMAs Approach Each Other
Ethereum's price has been moving within a symmetrical triangle pattern on the daily chart since late February. This pattern constrains the price between a series of lower highs and higher lows, causing the range to narrow day by day.