Ethereum's price has recently fallen below the $1,810 mark due to increased bearish pressure in the crypto market. Current technical and on-chain indicators reflect a cautious investor stance. Trading activity is showing signs of decline, consistent exchange outflows continue, and weak momentum metrics suggest a possible continuation of the downward trend.
Bearish Sentiment Dominates
According to recent market data, Ethereum's funding rates across major exchanges have shifted into negative territory. This suggests that many derivatives traders are avoiding high-risk leveraged long positions on ETH. Historical patterns observed between ETH funding rates and subsequent price action often show a strong correlation.
Technical Indicators and Metrics
The RSI and MACD indicators reflect weak momentum, with no clear signs of reversal. This may indicate the continued strengthening of bearish sentiment in the Ethereum market, reducing the likelihood of a quick price recovery.
Predictions Based on Historical Data
Previous bullish and bearish crossovers of key Simple Moving Averages (SMAs), like the 50-day and 200-day, have also historically aligned with major Ethereum price shifts. Although the current situation is not clear, historical data suggests that such crossovers can serve as indicators of major price movements.
Ethereum continues to face pressure amid the deteriorating market situation. Current technical indicators and metrics signal further strengthening of bearish sentiment. Attention needs to be paid to both technical and on-chain analysis for more accurate prediction of future price changes.
