Ethereum faces bearish trend, drops 2.7% in 24 hours
– Ethereum (ETH) experienced a price drop of 2.70% in the last 24 hours.
– Market indicators suggest a potential continuation of the downtrend.
– A key support zone lies between $2,536.47 and $2,484.44.
– If ETH breaks through this zone, further declines could follow.
– The Relative Strength Index (RSI) and MACD signal a weakening buying power.
ETH Price Decline: A Temporary Setback?
Ethereum (ETH) has experienced a price drop of 2.70% in the last 24 hours. However, this decline could merely be a correction within a broader uptrend. These kinds of corrections, also known as “retracements,” are often temporary and may precede another upward movement. Nonetheless, current market indicators suggest that the price could continue to fall in the short term.
Weak Buying Power Weighs on ETH Price
The current price trend of Ethereum shows little sign of an imminent recovery. Demand for ETH remains weak, and the price could continue to drop until it reaches a key support zone. This zone lies between $2,536.47 and $2,484.44. If the price reaches this zone, it could provide a base for recovery, with a target of $2,820.92. However, if ETH falls below this zone, it could lead to a so-called “stop hunt,” where traders attempt to find additional liquidity before the price rebounds.
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Technical Indicators: RSI and MACD in Focus
Ethereum’s Relative Strength Index (RSI) is currently at 58.15, indicating moderate buying power. However, the RSI is showing a downward trend, suggesting that selling pressure could increase. Values above 50 indicate buying pressure, while values below 50 suggest selling pressure. An RSI value below 30 would indicate oversold conditions, which is not currently the case.
The MACD (Moving Average Convergence Divergence), another technical indicator, also shows weakening buying power. The green bars in the MACD chart, which indicate positive market sentiment, are fading. This suggests that while the market has not yet entered a bearish phase, the momentum is slowing down.
Open Interest: Traders Betting on Falling Prices
Open interest, an indicator that measures the total volume of open positions in the market, is also showing a downward trend. According to Coinglass, open interest has fallen to $13.56 billion, a decline of 2.89%. This suggests that traders are increasingly betting on falling prices. If this trend continues, it could further increase selling pressure, although long-term market sentiment may remain positive.
Our Assessment
The current price decline of Ethereum may be temporary, but there are clear signs that the market could remain under pressure in the short term. Technical indicators like the RSI and MACD point to weaker buying power, while open interest shows that traders are increasingly betting on falling prices. If Ethereum breaks through the support zone between $2,536.47 and $2,484.44, further losses could follow. Nevertheless, the long-term outlook for ETH remains positive, provided it can hold this zone and initiate a recovery.
| Symbol | ETH |
| Coin type | Alt Coin |
| Transaction Speed | Medium |
| Pros |
|
| Cons |
|
| Price | $2,612.06 |
| 24h % | -1.08 % |
| 7d % | -0.19 % |
| 30d % | -2.23 % |
| 60d % | -5.10 % |
| 1y % | 54.05 % |
| Market Cap | $314,550,415,359.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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