Since the all-time high of Etsy was reached in November 2021 at $309.06, price has continued to dwindle as it has lost over 75% of its all-time high. The price of Etsy at the beginning of 2022 was at $222. Etsy has not recorded any profits this year as price has kept falling from the opening price of the year.
Etsy’s share price is currently at $74.04 and the current support level sits at $66.98. Earlier in the year, precisely between February and April, there was a range in price between $113 and $164. The price broke out late in April which led the price to reach its current support level in mid-June 2022. This support level was last reached in May 2020.
On the daily, weekly, and monthly charts, there are no indicators of price being oversold on the RSI. Could this be an indication of a possible continued downward run of Etsy’s share price keeping in mind that on the 28th of June, 2022, the price opened at $79.11 and closed at $74.04 which was an 8% loss in just a single day? On another hand, candlesticks on the daily time frame indicate that price has been consolidating. From our analysis, we see the bears continuing to push the price lower despite the consolidation.
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