Ethereum holds steady near $1.5K.
The market has witnessed ETH liquidations worth $17.69 million.
Crypto assets remain trapped in the fear zone, with mixed signals across the market, triggering an uncertain price trajectory. The largest altcoin, Ethereum (ETH), continues to be held down by bearish pressure, slipping by 0.30%.
The bearish territory established by Ethereum seems impossible to escape. An upturn could reinforce once the altcoin breaks above $2K. ETH opened the day trading at $1,564. The brief wave of bulls has pushed the asset to $1,615, and it has failed to hold the range, slipping down.
At press time, Ethereum traded within the $1,590 range, with its market cap reaching $191 billion. The daily trading volume has touched $10.86 billion. Notably, the market observed a liquidation of $17.69 million worth of Ethereum during this period.
Furthermore, as per on-chain data, a whale recently bought 10,328 Ethereum for $16.37 million at $1,585 each. It generally reflects market confidence.
Is Ethereum Stuck in a Downtrend?
Ethereum might retrace to the nearby support at the $1,512 range if the bears persist. A death cross could emerge with the failure to hold this trading level, driving the way toward a sharp decline to $1.5K.
Anticipating a recovery, the altcoin could climb to the range of $1,614. A steady upside correction might send Ethereum to the potent $1,640 resistance. This move will potentially drive a sustained uptrend.
The ETH/USDT trading pair’s Moving Average Convergence Divergence (MACD) line and the signal line have crossed below the zero line. This crossover implies a negative sentiment and the altcoin’s further drop.
In addition, the Chaikin Money Flow (CMF) indicator stationed at -0.13 signals that the capital is flowing out of the asset. Meanwhile, the daily trading volume of Ethereum has decreased by over 22.98%.
ETH’s daily relative strength index (RSI), found at 46.85, suggests the neutral condition, neither overbought nor oversold. Moreover, the Bull Bear Power (BBP) value resting at -3.03 indicates weakness.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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