- Ethereum’s price dropped 1.07% to $2,747.84, with a market cap of $331.19B.
- Trading volume declined 5.28% to $28.58B, signaling reduced activity.
Ethereum (ETH) is struggling as its price falls 1.07% to $2,747.84. The market cap has dropped 1.06% to $331.19 billion. Trading volume has declined 5.28%, now standing at $28.58 billion. The market cap ratio is 8.83%, indicating moderate liquidity.
Ethereum has been under selling pressure, failing to break key resistance levels. Bears seem to be in control, pushing the price toward lower support zones. The global crypto market cap stands at $3.19 trillion, reflecting a 1.19% decline in the last 24 hours. However, total crypto market volume has increased by 4.00% to $123.07 billion, suggesting heightened trading activity despite price drops.
Ethereum Price Action and Key Levels
Ethereum’s price is battling key resistance at $2,762.71 and $2,754.17, marked by the 9-day and 21-day moving averages. The nearest support level is at $2,739.27. A breakout above resistance could push ETH toward $2,800, while a drop below support may lead to $2,700 or lower.
The broader crypto market remains uncertain, and Ethereum is struggling to gain momentum. Short-term price action depends on upcoming resistance and support tests.
The Relative Strength Index (RSI) stands at 43.12, while the RSI average is 44.44. This reading signals weak momentum, keeping ETH in a bearish zone. If the RSI moves above 50, buying pressure may increase. However, failure to do so could trigger further downside.
Ethereum’s 9-day MA is below the 21-day MA, forming a bearish crossover. This pattern suggests downward momentum in the short term. If the 9-day MA crosses above the 21-day MA, a trend reversal could occur, signaling potential bullish movement.
The Chaikin Money Flow (CMF) shows weak capital inflows. This suggests investors remain cautious, with no strong buying activity. Increased CMF levels would indicate renewed confidence in ETH.
Ethereum needs to reclaim $2,762.71 to regain upward momentum. If resistance breaks, ETH could target $2,800 and beyond. A drop below $2,739.27 would confirm more downside, possibly testing $2,700.
Traders should monitor RSI, moving averages, CMF, and resistance levels for future price direction. If Bitcoin and the broader crypto market recover, Ethereum could benefit. However, sustained bearish pressure may delay any potential rally.
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