- Ethereum’s strong start in 2024 has turned bearish, with a 9.55% drop in a day and significant losses over the week and month.
- The global crypto market also plunged to a two-month low of $2.10 trillion, affecting Ethereum and other cryptos.
- Ethereum’s price forms a falling channel pattern, indicating a bearish trend.
Ethereum (ETH) started the year 2024 on a positive note, recording an impressive 79.34% increase in valuation and reaching a high of $4,094.75. However, after a period of sideways trading, the bulls lost momentum, and the price has since been trading under bearish influence.
The global cryptocurrency market cap has also experienced a significant correction of 9.87% within the past day, resulting in its valuation falling to a two-month low of $2.10 trillion. This downward trend has had a substantial impact on the performance of Ethereum and other cryptocurrencies.
The price of ETH has experienced a notable downturn recently, with a 9.55% correction observed within the past day. Over the course of the last week, Ethereum’s token, ETH, has seen a decrease of 12.64%, while over the past 30 days, it has declined by 19.48%. These figures indicate a diminishing interest among investors.
Ethereum forms a falling channel pattern
Following the breakdown of its symmetric triangle pattern, Ethereum’s token has formed a falling channel pattern and remains within it. This pattern suggests a bearish outlook for Ethereum, indicating a potential continued decline in its price unless there’s a significant shift in market sentiment.
The Moving Average Convergence Divergence (MACD) indicator shows a rising red histogram, signaling increased selling pressure in the cryptocurrency market. Additionally, the moving averages exhibit a bearish convergence, implying a probable further decrease in price this week.
Despite the prevailing bearish trend, there remains optimism for Ethereum’s price recovery. If market momentum picks up and investor confidence returns, Ethereum’s price could test its resistance level of $3,150. Sustaining this level could pave the way for ETH to challenge its upper resistance level of $3,500 in the coming weeks.
