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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 converging and may 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.