- Ethereum is trading at the $3.636 million level.
- In the market, $231.63 million was spotted in ETH clearings.
A 3.29% slip in the crypto space reduced its market capitalization to $3.76 trillion. Neutral emotions remain in the market, with the value of the fear and greedy index being held at 57. All major assets are charted in red and falling to the recent lows. Meanwhile, the largest Altcoin, Ethereum (ETH), fell by more than 4.18%.
Altcoin has launched daily trading at a high range of $3,836. After the bear took command, the ETH price plummeted towards $3,590. As of now, Ethereum is trading within the $3,671 range, according to CMC data.
ETH’s market capitalization reached $4431.1 billion, with daily trading volume rising above 15.91% to reach the $40.28 billion level. In particular, the market has witnessed a 24-hour liquidation of $231.63 million ETH, according to Coinglas data.
Can the Bulls destroy the Ethereum cave?
The Moving Average Convergence Divergence (MACD) line and signal line are positioned below the zero line. Additionally, the Chaikin Money Flow (CMF) indicator value was found at 0.01, suggesting neutral to slightly bullish purchase pressure. Momentum could swing in one way or another depending on price movement.
The 4-hour price chart illuminates the red candle and shows the pressure on the downside. Ethereum could slip into support range at the $3,665 level. The extended drawback correction could potentially send the price to the previous low at around $3,659. Assuming the Bulls are in command, the price could rise and test support for $3,677. Additionally, bullish corrections will ensure that Ethereum bulls reach the mark above the $3,683 or less.
Ethereum’s Daily Relative Strength Index (RSI) at 37.48 indicates it is in bearish territory. There’s still room for falling before it reaches an oversold level. In addition to that, the -159.45 read of Bullbear Power (BBP) hints at strong bearish domination. Assets may continue to their weaknesses unless a reversal signal appears within the ETH market.
