- Currently, Ethereum is hovering for around $2.4k mark.
- The market has liquidated Ethereum worth $284.94 million.
A 2.01% slip of Crypto’s market capitalization slipped to the $3.22 trillion mark, pushing the assets into mixed sentiment. All major asset prices are charted in red. Assets such as Bitcoin (BTC) and Ethereum (ETH) have chosen to trade negatively. Ethereum, the biggest altcoin, suddenly fell more than 5.65%, losing its recent profits.
Eth Bears could probably build a negative trend line, and even downside compensation will result in more losses. Bullish shifts can only occur after Altcoin rises above the 2.6K mark.
Early on, Bulls in Command pushed ETH prices to their highest daily daily rates in the $2,640.60 range. The bear then regained momentum, which suddenly fell to the bottom level of $2,387.61. Ethereum currently trades at around $2,462.74 with a market capitalization of $297 billion.
In particular, daily trading volumes rose by more than 66.23% to $28.13 billion. According to Coinglas data, the market has witnessed the liquidation of Ethereum worth $284.94 million.
What’s next for Ethereum?
The moving average convergence branch (MACD) and signal lines of the ETH/USDT trading pair cross the zero line. This crossover usually shows negative market momentum. It may promote prices to stay under bearish pressure. Furthermore, the Chaikin Money Flow (CMF) indicator value found at -0.14 suggests moderate sales pressure, with money flowing rather than money flowing.
ETH Chart (Source: TradingView)
If ETH’s active downtrend stays, the price could drop to nearby support in the $2,425 range. An expanded correction on the downside could lead to the development of the Cross of Death. The Ethereum potential bear will steadily plummet its price to under $2,407.
The advantage is that assuming the current momentum shifted gear has stiffened, the ETH can test critical resistance at the $2,480 level. A powerful upside down fix invites Golden Cross to support price movements, sending Ethereum to a $2.5,000 threshold.
Furthermore, ETH’s Bullbear Power (BBP) value remains at -164.43, showing strong bearish momentum in the market, pushing up the following prices: The recession may continue until a reversal emerges. The asset’s daily relative strength index (RSI) is 36.02 points, referring to the approaching zone of sold zones, potentially of continuous debilitation.
