- Ethereum (ETH) is currently trading at around $3K.
- The market has experienced liquidations totalling $196.77M.
Today, the bearish market opened the day without any change in the overall momentum. All the major crypto assets are immersed in extreme fear, resulting in their prices losing traction, slipping to their former lows. The largest asset, Bitcoin (BTC), is currently hovering at $91.8K, on the downside, and the largest altcoin, Ethereum (ETH), continues to trade in the red zone.
Will the active negative outlook sustain and trigger ETH to see more downside? The asset has posted a loss of over 2.81%. It traded at a high range of $3,103.55, and with the bearish encounter in the ETH market, the price likely plummeted to a bottom of $2,871.23. The potential bears are staying with the asset, blocking the possible upward moves.
At the time of writing, Ethereum traded at around the $3,002.59 mark, with its market cap resting at $364.53 billion. In addition, the daily trading volume is up by over 19.06%, reaching the $39.01 billion zone. Notably, according to the Coinglass data, the market has experienced a liquidation of $196.77 million worth of ETH during the last 24 hours.
Could Ethereum Bounce Back Soon or Stay in the Red?
The ETH/USDT pair’s Moving Average Convergence Divergence (MACD) and signal lines are positioned below the zero line. It shows the weak momentum. The overall trend may be running downward, even if short-term moves try to bounce. Besides, the Chaikin Money Flow (CMF) indicator of Ethereum found at 0.04 hints at a slightly positive buying pressure. The money flow is mildly bullish, and the momentum can shift quickly as it is a small tilt toward accumulation.
Moreover, ETH’s daily Relative Strength Index (RSI) is settled at 43.45, indicating a brief bearish to neutral momentum, not in any extreme territory. This is seen as a potential consolidation zone or a pause before the next move. Ethereum’s Bull Bear Power (BBP) value of -41.27 suggests strong bearish pressure. The bears have a strong grip, and it is heavily tilted toward selling, and further downside could continue unless buyers step in.
With the downside pressure, Ethereum might trigger its price to slip toward the support at the $2,995 range. If the bearish correction intensifies, the death cross could occur and gradually take the price to a low below $2,988. Assuming a bullish reversal for ETH, the price could immediately mount and find resistance at around $3,009. Upon the upside pressure gains more power, a death cross might unfold, and the bulls would drive the price above the $3,016 level.
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Source: https://thenewscrypto.com/ethereum-eth-under-pressure-will-the-bears-push-it-lower-or-stall-at-the-3k-line/
