- Ethereum has declined by over 2%, slipping into the $1.9K range.
- The market experienced a wave of liquidations, wiping out $33.12 million worth of ETH.
Ongoing fear in the crypto market is sending mixed signals, with major assets like Bitcoin and Ethereum remaining in negative territory. Ethereum (ETH), the largest altcoin, has struggled under extended bearish pressure, slipping by a modest 2.17%.
Ethereum has formed a bearish trend line earlier and couldn’t escape it. The asset could only kickstart a recovery if it climbs above $2.3K. ETH has attempted multiple corrections but ended up tumbling into a sharp fall.
Before the bears gained enough strength to push the price down to $1,952, ETH traded within the $2,025 range. The altcoin should test the crucial resistance zones to initiate a positive breakout.
At the time of writing, Ethereum traded at $1,972, with the daily trading volume touching $12.29 billion. In addition, the market observed a liquidation of $33.12 million worth of Ethereum during this interval.
Notably, a massive Ethereum whale made a move after 8 years, deposited 34,125 ETH, worth around $67.2 million, into Coinbase. Back in March 2017, they bought those ETH for just $46.30 each. If they sell now, they’re locking at a profit of over $65 million.
When Will Ethereum Shift Back to Bullish Mode?
The ETH/USDT trading pair’s Moving Average Convergence Divergence (MACD) line is found below the signal line. This indicates a bearish crossover and the asset’s price may continue to decline or stay under pressure in the market.
Ethereum’s Chaikin Money Flow (CMF) indicator positioned at 0.14 suggests that money is flowing into the asset, reflecting accumulation and a mild bullish sentiment. Meanwhile, the daily trading volume of ETH has declined by 37.44%.
If the active downside correction persists, Ethereum might fall back to the support at $1,945 range. A failure to hold this level may trigger to form a death cross and could open the gate for a steep falloff to $1.8K or even lower.
Assuming a reversal, the altcoin could climb to the $2,164 level into a support. Breaking above this trading mark and a sustained bullish wave might send Ethereum toward $2.3K, potentially driving a swift and sustained recovery.
Moreover, the Bull Bear Power (BBP) value of 2.87 signals a bullish momentum and more upside. ETH’s daily relative strength index (RSI) settled at 52.30 infers that the market is neutral, with no signs of being overbought or oversold.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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