Bearish trends continue to dominate the crypto market, pushing assets towards new lows. Ethereum shows uncertainty, trading in the $3.3K zone.
Current Market Situation
Ethereum (ETH) has lost ground, recording a 1.73% loss over the last 24 hours. The price failed to break through the $3,354 resistance, extending its losses. At press time, ETH traded at $3,307 with a daily trading volume staying at $31.14 billion. Notably, the market observed a liquidation of $86.39 million worth of Ethereum during this interval.
Potential for Further Losses
The MACD and signal line indicators show a bearish crossover below the zero line, indicating strong bearish momentum. The Chaikin Money Flow (CMF) indicator, which stands at -0.17, also suggests negative money flow and selling pressure. The daily trading volume for ETH has dropped by over 18.52%. The four-hour trading pattern reports continuous resistance to break the $3.5K mark, opening the possibility of revisiting the $3.2K level.
Growth Prospects
From an upside perspective, if buyers take control, the ETH price might aim for the resistance at $3,463. Holding above the $3.6K level could trigger an upward correction with a goal to reach $4K. Currently, the 50-day moving average below the 200-day suggests weakness, while the RSI resting at 32.55 is nearing the oversold zone.
Ethereum faces significant challenges amid bearish market pressure. Holding critical price levels at $3.3K may be key to avoiding further losses.
