- Ethereum has slipped over 3%, trading around $1.5K.
- ETH liquidations have surpassed $49.85 million across the market.
The bearish wave in the crypto market continues, with major assets taking a recent hit. Prolonged fear has led to mixed sentiment, and the largest altcoin, Ethereum (ETH), has posted a 3.74% loss.
The bearish net that Ethereum weaved is enough to block the arrival of bulls. In the early hours, ETH was trading at a high range of $1,659. Gradually, the potent bears have pulled back the price to the $1,558 mark.
At the time of writing, Ethereum traded at around $1,580, with the daily trading volume resting at $13 billion. Moreover, the market has observed a liquidation of $49.85 million worth of Ethereum according to Coinglass.
Notably, Galaxy Digital has transferred 12,500 ETH, worth around $20.28 million, to Binance. Over the last four days, the firm has transferred a total of 37,500 ETH, valued at approximately $60.4 million.
Is It Time for Ethereum Bulls to Step In?
If Ethereum’s downside price trajectory continues, the price is likely to retrace to the range of $1,567. The potent bears could further accelerate the loss, and the asset will see more correction toward $1.4K or even lower.
Assuming ETH bulls trigger an upside move, the price might reach $1,621. Upon breaking, this level could act as support for the bulls and send the asset to the $1,690 range. Also, it may potentially continue its recovery.
The Moving Average Convergence Divergence (MACD) line is below the zero line, but the signal line is above it. This crossover indicates a mixed signal with a potential hesitation in the ETH market.
In addition, the Chaikin Money Flow (CMF) indicator at -0.11 suggests that the capital is flowing out of the asset. Meanwhile, the daily trading volume of Ethereum has decreased by 13.86%.
ETH’s Bull Bear Power (BBP) value of -63.45 signals a sturdy bearish pressure within the market. Besides, the daily relative strength index (RSI) found at 42.52 implies a neutral to slightly bearish zone.
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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Source: https://thenewscrypto.com/ethereum-at-a-crossroads-will-it-rise-or-fall-amid-mixed-sentiment/