- Ethereum has fallen into the $1.9K trading zone.
- $44.77 million worth of ETH was liquidated from the market.
The crypto market’s downturn has pulled the total market cap down to $2.73 trillion, as major cryptocurrencies struggle to regain momentum. Ethereum (ETH), the largest altcoin, is under pressure, posting a 1.02% loss as its weakness becomes more pronounced.
Ethereum is forming a potent bearish pattern as it trades below $1,910. It could only kickstart a recovery attempt if it crosses over $2.1K. The altcoin’s upside correction was weak and faced a series of declines due to the broader market downturn.
The current price action of the altcoin failed to cross the $1,948 resistance level. In the early hours, Ethereum traded at around $1,933. After the bears regained control of ETH, the price fell toward the $1,863 range.
At press time, Ethereum traded within the $1,907 range with the daily trading volume touching $9.95 billion. Notably, the market has observed a liquidation of $44.77 million worth of Ethereum during this interval.
As per the on-chain data, a dormant wallet sold about 1,014.67 ETH worth $1.92 million after holding it for 3 years. Despite once having an unrealized profit of $2.3 million, the wallet only made a $126K profit on the sale. The ETH was bought for $1.8 million at an average price of $1,771.
Where Could Ethereum Be Going Next?
The ETH/USDT trading pair exhibits the overall dominance of the bears. Assuming the continuation of the downside correction, Ethereum could test the $1,837 support. A failure to hold this level might push the price toward the $1.7K mark.
ETH could witness a rebound if the price jumps over $2K. Upon breaking above this level might send the altcoin to trade at around $2,176. In the event of a prolonged upside correction, it may help Ethereum for a rapid and sustained recovery.
ETH’s Moving Average Convergence Divergence (MACD) line and the signal line are stationed below the zero line. This shows a clear bearish crossover, indicating continued weakness unless bulls step in to spark a recovery.
The Chaikin Money Flow (CMF) indicator settled at 0.02, suggesting weak buying pressure and mild accumulation within the market. Meanwhile, the daily trading volume of Ethereum has increased by over 56.39%.
Moreover, the Bull Bear Power (BBP) value found at 4.05 signals a bullish strength and might trigger an upward momentum. ETH’s daily relative strength index (RSI) settled at 46.35 is neutral to slightly bearish momentum.
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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