- Ethereum has fallen over 9%, slipping into the $2.1K zone.
- The market experienced a surge in liquidations, with $195.40 million worth of ETH wiped out.
The crypto market cap has shed 5.31% to $2.67 trillion, weighed down by increased selling pressure. Bitcoin inches closer to $79.8K, while the largest altcoin, Ethereum (ETH), extends its decline, consolidating losses near the crucial $2K support level.
ETH is forming a sturdy bearish trend line, and it could start a recovery wave only if it moves above $2,200. The altcoin has attempted to maintain the upside correction but experienced a steep decline due to a broader market downturn.
Following a 9.81% decline, ETH has been trending downwards. The price of the altcoin was unable to cross the $2,424 resistance level. Ethereum fell to $2,128 within the past 24 hours, with an initial high of $2,378 before the pressure from bears dominated.
At press time, Ethereum traded at $2,117 with the daily trading volume staying at $28.46 billion. Notably, the market observed a liquidation of $195.40 million worth of Ethereum during this interval.
Notably, the on-chain data reports that the Bybit hacker has already laundered over 50% of the stolen 499K ETH within a week, using THORChain to swap for BTC. In the past 5.5 days, they’ve moved 266,309 ETH worth $614 million. With 233,086 ETH still left, if this pace continues, the hacker could fully launder the remaining funds in about five more days.
Will Ethereum See Continued Selling Pressure?
The ETH/USDT trading pair has recently formed a death cross, signalling the dominance of the bearish momentum. If the current downside correction continues, ETH could test the support at $2K. Failing to hold here could open the door for a drop to $1,824 or even lower.
The altcoin could witness a rebound if it flips the $2,274 level into a support zone. Breaking above this level with momentum could send Ethereum past $2,396, bringing the $2.5K target within reach. A prolonged uptrend may catalyze a quicker and more sustained recovery.
The Moving Average Convergence Divergence (MACD) line and the signal line of ETH are settled below the zero line. It indicates a strong bearish crossover with the selling pressure dominating the market. A continued weakness may follow unless a bullish crossover occurs.
Moreover, the Chaikin Money Flow (CMF) indicator settled at -0.18, suggesting that money is flowing out of the asset and the sellers are in control of the market. Meanwhile, the daily trading volume of Ethereum has surged by over 9.35%.
ETH’s Bull Bear Power (BBP) value found at -371.48 infers strong bearish dominance, and prices are trading well below recent highs. Moreover, the daily relative strength index (RSI) resting at 22.35 signals the asset in the oversold territory.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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