- Currently, Ethereum is hovering at a $3.66 million level.
- The ETH market has witnessed a total liquidation of $166.48 million.
The crypto market has become bearish, pushing its market capitalization down to $3.83 trillion after a 2.91% slip. The majority of assets have fallen into the red zone, flowing recent profits, including Bitcoin, the biggest asset. After a series of recovery, the biggest altcoin, Ethereum (ETH), has lost more than 2.24% worth and is on bearish trucks.
A strong ETH bear may interfere with the bull’s return and strengthen its hold in the market. Beyond the $3.7k mark, you can reach out to quickly market corrections of your assets. The asset began daily trading at a high of $3,759.44. Due to the bearish command of the ETH market, Altcoin prices plummeted to a low level of $3,532.86.
At the time of writing, Altcoin was trading in a range of approximately 3,642.78 and its market capitalization was settled at $43.972 billion. Meanwhile, ETH’s daily trading volume fell by more than 9.19% to $38.02 billion. As reported in Coinglas data, the market has experienced 24-hour liquidation of Ethereum worth $166.48 million at intervals.
Will Ethereum Bulls lead again?
The Ethereum moving average convergence branch (MACD) line crosses beneath the signal line. This crossover means bearish momentum. The price of an asset may loses its upward strength and is giving it a careful signal. Furthermore, the Chaikin Money Flow (CMF) indicator, currently at 0.09, is moderately referring to market purchasing pressure, suggesting its flow into assets and accumulation.
ETH Chart (Source: TradingView)
If the Altcoin’s bearish grip is enhanced, the price could suddenly slip towards the $3,636 range. The ongoing trajectory of drawbacks could trigger ETH to face more fixes, with the Bears sending prices to the $3,630 zone. Assuming Ethereum Bulls re-enter the market, the closest resistance of $3,647 could be tested. Breaking this level, the Bulls will likely support the price of an altcoin and drive above $3,653.
Furthermore, the Bullbear Power (BBP) reading of -79.01 indicates a strong bearish rule with potential weakness in the assets. Additionally, sales pressure exists in the market. Daily relative strength index (RSI) values of Ethereum found at 43.35 suggest that emotions are in the neutral to mild bearish zone. However, there is no clear inversion or breakout signal.
