- Ethereum (ETH) trades at $3,330.61, down 9.70% in 24 hours.
- Bearish moving average crossover signals further downside risk.
Ethereum (ETH) is currently trading at $3,330.61, reflecting a 9.40% decline over the past 24 hours. The market capitalization stands at $401.25 billion, down 9.41% during the same period. Trading volume surged by 71.15% to $37.19 billion, indicating heightened market activity.
The market cap ratio has risen to 9.22%. Ethereum’s circulating supply remains constant at 120.47 million ETH. On January 7, Ethereum spot ETFs saw net outflows of $86.79 million, reducing their total net asset value to $12.28 billion. This marks a significant outflow, hinting at persistent selling pressure.
Key Levels and Bearish Indicators
Ethereum faces immediate resistance at $3,620. A successful breakout above this level could push the price toward $3,750. On the downside, the first support lies at $3,300, with a further drop potentially bringing the price to $3,200. Breaching $3,200 might escalate bearish momentum, driving ETH lower.
The RSI (14) is at 24.60, signaling oversold conditions and suggesting a possible reversal. However, the RSI average is at 52.36, reflecting broader market volatility. These levels indicate that while bearish momentum dominates, the price could stabilize or rebound in the near term.
Moving averages further confirm the bearish trend. The 9-day moving average for ETH ($3,511.61) has crossed below the 21-day moving average of $3,591. This bearish crossover signals continued downward pressure in the short term. Historically, such crossovers precede extended corrections unless the trend reverses quickly.
The bearish crossover in moving averages suggests Ethereum’s price may remain under pressure for the foreseeable future. If the 9-day MA continues to fall further below the 21-day MA, it could strengthen the bearish outlook. Traders should watch for a potential “death cross,” which could indicate a longer-term downtrend.
On the other hand, the oversold RSI levels provide a glimmer of hope for bullish traders. A recovery in RSI above 30 could attract buying interest and trigger a short-term price rally. However, any upward movement must overcome the $3,620 resistance to sustain momentum.
Ethereum’s price remains under pressure due to bearish technical indicators and significant ETF outflows. While oversold RSI levels hint at a possible rebound, moving averages and resistance levels suggest caution. Breaking below $3,300 may deepen losses, while a surge above $3,620 could revive bullish sentiment.
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