- Ethereum is hovering around the $4.3K range.
- The ETH market has seen liquidations totalling $152.91M.
The crypto market remains in the bear’s hand, with the asset’s prices hovering in fear. Looking at the chart, all the major tokens are charted in red, including the largest asset, Bitcoin (BTC), trading at around $121.4K. Meanwhile, Ethereum, the largest altcoin, has posted a drop of over 2.63%.
Can ETH break free from the slump? A sturdy bullish turnover could send it upward, helping to reclaim the lost momentum. In the early hours, the asset traded at a high of $4,459.18. With the bearish encounter, the price has been pushed to a bottom range of $4,273.56.
Ethereum is currently trading within the $4,340 mark, with its market cap reaching $527.07 billion. Notably, the asset’s daily trading volume is up by over 12.62%, leading to the $45.15 billion range. The Coinglass data shows that the ETH market has observed a liquidation of $152.91 million.
The analyst chart stated that Ethereum has repeatedly struggled at the $4K–$4.8K range, acting as a strong resistance zone. The asset has tried to break this zone but got rejected. It is mentioned as a danger zone because the price tends to reverse. Currently, ETH is near this range, giving a caution of a pullback or consolidation before a breakout.
Ethereum’s Next Move: Will the Bears Maintain Control?
Ethereum’s Moving Average Convergence Divergence line and signal line have crossed below the zero line. It indicates the bearish market momentum. With this crossover, the asset is currently in a downtrend, and if the MACD starts moving upward, it signals a reversal.
Besides, the Chaikin Money Flow (CMF) indicator at -0.18 suggests that the selling pressure is dominant in the ETH market. Also, it shows that more money is flowing out of the asset rather than into it, reflecting a lack of strong buying interest at the moment.
The ETH price chart reveals bearish pressure, and it could fall to the nearest support at around $4,333. Further downside correction might trigger the death cross to take place, pushing the price to its previous low at the range of $4,326, or even lower.
Contrarily, if a reversal occurs, Ethereum would turn bullish, and the price could climb and find the resistance at $4,347. With the bullish pressure, the altcoin may face a correction on the upside, initiating the golden cross to unfold, driving the price to $4,354.
Moreover, ETH’s daily Relative Strength Index (RSI) at 40.25 signals that it may approach the oversold zone. Also, hinting at a potential buying interest if the momentum shifts. Ethereum’s Bull Bear Power (BBP) reading of -124.42 implies a strong bearish dominance in the market. It likely pushes the price lower, and the sellers are currently ruling over the buyers.
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