- Ethereum (ETH) is trading at $2,429, with a 24-hour increase of 0.09% and a weekly rise of 0.49%.
- ETH’s market cap has dropped below $300 billion, currently sitting at approximately $293 billion.
The second largest crypto, Ethereum (ETH), is currently facing a challenging phase as its price hovers around $2,400, reflecting a slight 0.09% increase in the last 24 hours and a 0.49% rise over the week. However, this recent uptick comes amid broader concerns about its ability to maintain key support levels, particularly after hitting resistance at $2,560 earlier this week.
This decline has caused Ethereum’s market cap to fall below $300 billion, now standing at $293 billion, with trading volumes dropping by over 8% to $13 billion in the past day.
Bearish Signals Emerge Amid Resistance Challenges for Ethereum
The Ethereum price was rejected by the daily resistance level at $2,470 on Wednesday. According to the ETH/USD 4-hour chart, the 50-day MA has fallen below the 200-day MA, indicating a bearish crossover. Both MA are positioned above the current price of ETH, suggesting that downward pressure may persist in the short term. Additionally, the Relative Strength Index (RSI) sits at 49, just below the neutral mark, suggesting ongoing weakness.
Further, Ethereum might be in a strong bearish trend, with the signal line positioned above the MACD line, indicating a potential sell signal. However, the zero line is above both the signal and MACD lines, suggesting that the overall momentum might still be bullish despite short-term weakness.
In that case, if the daily resistance level at $2,400 remains stable, Ethereum could rise from its current trading level to challenge its October 1 high of $2,655. However, the RSI on the daily chart is currently at 49, below the neutral level, suggesting weakness and a continuation of the downward trend.
Conversely, if selling pressure persists, a decline of around 5% could push Ethereum down to $2,256.
