Ethereum (ETH) Slides 9%, Will the Bears Tighten Their Grip?
- Ethereum is hovering around the $1.4K level.
- Over $111 million worth of ETH has been liquidated in the market.
Bearish signals have kept traders in extreme fear, with the Fear and Greed Index holding at 15. The crypto market cap is on a rollercoaster ride, slipping by over 5.81%, while Ethereum (ETH), the largest altcoin, has registered a steady 9.23% loss.
Ethereum has been staying long within the bearish zone. Despite multiple recovery attempts, an upturn seems impossible. In the early hours, ETH traded at a peak of $1.6K. The encounter with the bears pulled the price down to $1,386.
At this point, Ethereum traded within the $1,445 range, with the daily trading volume reaching $25.64 billion. Notably, the market has observed a liquidation of $111.34 million worth of Ethereum during this interval.
Ethereum has witnessed a solid loss of over 22.54% in the last seven days. The asset opened the week trading at a high of $1,920. Eventually, the bears took control, and the price reached the current trading level.
Can ETH Break Free from the Bearish Grip Anytime Soon?
Assuming Ethereum’s downtrend continues, the price could likely retrace to the range of $1,389. An extended loss might trigger the asset to set a stage for more downside correction, leading toward a potent falloff near $1.2K.
While anticipating an upside move, the altcoin might jump to $1,526. Upon breaking this trading level, the emerged bullish wave could send Ethereum to the $1.6K range and has the potential to maintain a recovery phase.
The Moving Average Convergence Divergence (MACD) line and the signal line of ETH are resting below the zero line. This crossover hints at a sturdy bearish momentum, and the asset might face more losses.
Moreover, the Chaikin Money Flow (CMF) indicator at -0.25 infers that capital is flowing out of the asset, exhibiting a bearish signal in the market. Meanwhile, the daily trading volume of Ethereum is down by 39.33%.
ETH’s daily relative strength index (RSI) at 31.26 indicates that the asset is approaching the oversold territory. Besides, the Bull Bear Power (BBP) reading of -187 suggests that bears are in control of the market.
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.
Highlighted Crypto News
US SEC Gathers Industry Leaders for Upcoming Crypto Regulation Roundtable
Read More
CoinGecko Report Breakdown: Solana’s Rise, Ethereum’s Dip in Q1 DEX Race
Ethereum (ETH) Slides 9%, Will the Bears Tighten Their Grip?
- Ethereum is hovering around the $1.4K level.
- Over $111 million worth of ETH has been liquidated in the market.
Bearish signals have kept traders in extreme fear, with the Fear and Greed Index holding at 15. The crypto market cap is on a rollercoaster ride, slipping by over 5.81%, while Ethereum (ETH), the largest altcoin, has registered a steady 9.23% loss.
Ethereum has been staying long within the bearish zone. Despite multiple recovery attempts, an upturn seems impossible. In the early hours, ETH traded at a peak of $1.6K. The encounter with the bears pulled the price down to $1,386.
At this point, Ethereum traded within the $1,445 range, with the daily trading volume reaching $25.64 billion. Notably, the market has observed a liquidation of $111.34 million worth of Ethereum during this interval.
Ethereum has witnessed a solid loss of over 22.54% in the last seven days. The asset opened the week trading at a high of $1,920. Eventually, the bears took control, and the price reached the current trading level.
Can ETH Break Free from the Bearish Grip Anytime Soon?
Assuming Ethereum’s downtrend continues, the price could likely retrace to the range of $1,389. An extended loss might trigger the asset to set a stage for more downside correction, leading toward a potent falloff near $1.2K.
While anticipating an upside move, the altcoin might jump to $1,526. Upon breaking this trading level, the emerged bullish wave could send Ethereum to the $1.6K range and has the potential to maintain a recovery phase.
The Moving Average Convergence Divergence (MACD) line and the signal line of ETH are resting below the zero line. This crossover hints at a sturdy bearish momentum, and the asset might face more losses.
Moreover, the Chaikin Money Flow (CMF) indicator at -0.25 infers that capital is flowing out of the asset, exhibiting a bearish signal in the market. Meanwhile, the daily trading volume of Ethereum is down by 39.33%.
ETH’s daily relative strength index (RSI) at 31.26 indicates that the asset is approaching the oversold territory. Besides, the Bull Bear Power (BBP) reading of -187 suggests that bears are in control of the market.
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.
Highlighted Crypto News
US SEC Gathers Industry Leaders for Upcoming Crypto Regulation Roundtable
Read More