With the continuous bearish fall, the crypto market remains under downside pressure. Notably, the overall market sentiment is neutral, as the Fear and Greed Index value is located at 50. The majority of the assets had begun to lose momentum and charted in red. Meanwhile, the largest altcoin, Ethereum (ETH), has posted a 3.05% loss.
ETH’s strong bearish pressure resists the price from going up, and the bears block the bulls from stepping in. Continuous downside may bring in more losses ahead. The altcoin opened the day trading at around a high of $4,670. Gradually, the bears entered the ETH market and pulled the price back toward the $4,469 range.
At press time, Ethereum traded at around the $4,518 mark, with the market cap reaching $546.29 billion. Besides, the daily trading volume has surged by over 31.69%, touching $38.22 billion. As per Coinglass data, the market has experienced an event of $109.07 million worth of Ethereum liquidated in the last 24 hours.
Ethereum’s Moving Average Convergence Divergence (MACD) line is found below the signal line, implying a bearish crossover. If the downtrend gains enough strength, the price could continue falling. In addition, the Chaikin Money Flow (CMF) indicator at -0.22 points to the selling pressure outweighing buying pressure. The capital is flowing out of the asset, showing a weakness in ETH demand.
With the active downward pressure, the price might fall and find the key support at the $4,511 range. If the bears could extend the correction, the death cross may unfold, pushing the Ethereum price below $4,504 or even lower. Assuming a bullish wave takes control, which triggers the price to move up toward the $4,525 resistance. A steady bullish correction could invite the golden cross to emerge, and send the price of ETH above the $4,532 mark.
Furthermore, the daily Relative Strength Index (RSI) of ETH settled at 44.77, indicating a neutral territory that leans slightly toward the bearish side. Also, it may approach the oversold zone near 30. Ethereum’s Bull Bear Power (BBP) reading of -98.57 suggests that the bears currently have a clear upper hand, pushing the price below. If the value goes further down, it will hint at a strong downtrend.
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