- Currently, Ethereum is hovering at the $4.1K level.
- The market has settled ETH worth $1,7476 million.
The bearish crypto market was a hit and lost momentum. The assets are bleeding, reducing the global market capitalization to $3.83 trillion. Bitcoin (BTC), the biggest asset, feels the bear heat and hovers at around 113.5k. Does Ethereum (ETH) bring back previous potential weaknesses to the bag?
The biggest Altcoin with multiple recovery attempts jumped over $4K. If current bear pressure is increased, prices could recede and return to previous lows. Ethereum has dropped by more than 1.96% in the last 24 hours, raising concerns about further price movements.
Altcoin has launched daily trading at a high range of $4,337. When the Bears woke up and gained control of the ETH, they pulled the price back to the bottom level of $4,064. CoinMarketCap data reveals that at the time of this writing, Ethereum is trading in a zone of around $4,161.
ETH’s market capitalization was $50.264 billion, with daily trading volume exceeding 2.28% to $49.58 billion. It is noteworthy that the market observed a liquidation of Ethereum worth $174.76 million, according to Coinglass data.
Will Ethereum continue its current downward trend?
The moving average convergence branch (MACD) and signal lines of the ETH/USDT trading pair exceed the zero line. This crossover shows that the overall weakness tendency is in negative territory. Furthermore, Ethereum’s Chaikin Money Flow (CMF) indicator rests at -0.17 suggests sales pressure in the market. At this value, the bearish bias is medium, not extreme, and it could be that money is flowing from the assets.
ETH Chart (Source: TradingView)
Altcoin’s active bearish sentiment can trigger and slide the price and find support nearby in the $4,156 range. Ethereum poses long-term risks as bears gain more power, and death crosses may emerge. Prices plummet to a low of under $4,151.
Conversely, assuming Ethereum reverses the bullishness of momentum, it could climb and challenge resistance to $4,166. A stable revision of the benefits could push up assets and start forming golden crosses, with prices likely reaching more than $4,171.
Furthermore, Altcoin’s Bullbear Power (BBP) value of -156.20 means strong bearish control, pushing the prices below, suggesting weakness in the current trend. Ethereum’s Daily Relative Strength Index (RSI) at 39.71 shows a low range of neutral regions and is slightly tilted towards excess. It shows mild bearish momentum.