- Ethereum dropped to $2,159.28, currently trading at $2,574.83, down 16.93% in 24 hours.
- Market cap stands at $310.15B, while trading volume surged 252% to $83.61B.
Ethereum (ETH) experienced a sharp decline, dropping to a low of $2,159.28 before slightly recovering. At present, ETH is trading at $2,574.83, marking a significant 16.93% drop in the last 24 hours. The cryptocurrency’s market capitalization stands at $310.15 billion, reflecting the broader market downturn.
Meanwhile, the 24-hour trading volume has surged by 252% to $83.61 billion, indicating heavy sell-offs. The market cap ratio has climbed to 26.96%, underlining increased trading activity driven by bearish sentiment.
Technical Indicators Reflect Bearish Outlook
Ethereum faces immediate support at $2,200, a critical level tested during the latest plunge. If this support breaks, ETH could slide further toward $2,000, a psychological threshold that may trigger panic selling. Conversely, the nearest resistance level is around $2,800, which aligns with recent consolidation zones.
Should ETH surpass this barrier, a rally toward $3,000 could be on the horizon. However, breaking above this resistance will require strong buying momentum and improved market sentiment. The Relative Strength Index (RSI) currently stands at 23.90, firmly in the oversold region, indicating that selling pressure has been excessive.
The 14-day RSI average is at 36.17, signalling persistent bearish momentum. If the RSI climbs above 40, it could suggest a potential price reversal. However, the current readings highlight the dominance of sellers in the market. Moving averages further reinforce this bearish outlook.
Ethereum is trading well below key moving averages, with the 50-day moving average trending downward. A bearish crossover has occurred between the 50-day and 200-day moving averages, a classic signal suggesting prolonged downside risk. Until ETH reclaims these averages, the bearish trend is likely to persist.
The Chaikin Money Flow (CMF) indicator is at 0.06, reflecting weak buying interest despite the sharp price drop. Ethereum’s future hinges on whether it can hold above the critical $2,200 support level. A breakdown below this point could open the door for further declines toward $2,000.
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