- Ethereum slipped to $2.6K, plummeting by over 3% over the past 24 hours.
- The technical indicators suggest the incoming bear run.
The trading day opened with the cryptocurrency market exhibiting a moderate dip in market cap of 2.23%, positioned at $2.33 trillion, over the last 24 hours. Major cryptocurrencies are priced in red. Notably, the largest asset, Bitcoin (BTC), has briefly entered the bearish zone by losing over 2%.
The largest altcoin, Ethereum (ETH), has recovered from the previous lows and fluctuated between $2.6K and $2.8K for the past few days. Despite these attempts, seemingly ETH is unable to break through crucial resistance levels.
ETH has witnessed a price drop of 3.42% in the past 24 hours. This decline is reflected in the price movement, which currently trades at $2,637. The daily price chart shows the asset’s struggle to maintain the price within the $2.7K mark.
Moreover, ETH recorded the lowest price at $2,616, and the highest at $2,742. Amid this, the market witnessed an ETH liquidation of $57.55 million as per CoinGlass, and the daily trading volume of ETH has plunged by over 1% to $17 billion, according to CoinMarketCap data.
On the other hand, Ethereum co-founder Vitalik Buterin has recently shared solutions to help Ethereum minimize block production and staking centralization through the “Scourge” phase, addressing the emerging technical and governance challenges.
Will ETH’s Bearish Pressure Continue?
ETH observed a mild gain of 2.15% over the last seven days. The week began trading at the $2,591 mark. The asset’s price has progressed and ranged between $2,668 and $2,610.
Ethereum’s market sentiment is entering the neutral zone, as the daily relative strength index (RSI) is at 45.80. Moreover, ETH’s daily frame exhibits the short-term 50-day moving average at $2,633, above the long-term 200-day moving average at $2,548.
In addition, the four-hour Moving Average Convergence Divergence (MACD) line of ETH falls below the signal line, inferring the ongoing bearish sentiment, and the market can expect the incoming bear run.
Looking ahead, if Ethereum’s price slips below $2.5K, the bearish pressure might trigger the asset to fall further to the $2.3K mark. On the flip side, ETH might climb up if the bears weaken. The asset could rally to a high of $2,790; possibly ETH could hit the $2.9K mark.
