• 23 July, 2024
Market News

Ethereum(ETH) Price Drops by 8.19 Percent as Selling Pressure Mounts in the Crypto Market.

The latest Ethereum price analysis for today shows that the ETH/USD pair is currently trading at $1,405 after a sharp drop of over 8 percent in the past 24 hours.

The crypto market has been under immense selling pressure in the past few days, leading to a downward trend in the prices of most cryptocurrencies. The bearish pattern of ETH/USD has been heavily influenced by Bitcoin’s sudden plunge in value.

ETH/USD daily chart: Coin market cap

The crypto holders attributed the drop in Ethereum’s price to the broader market sell-off and negative technical outlook after the transfers of high volumes of Ethereum tokens to the exchanges over the past week.

The bears have been dominating the market since the beginning of this month, as investors and traders seem to be wary of any positive news related to cryptocurrencies.

During the slump, the market cap decreased by 8.19% to $172,403,748,785. However, the 24-hour trading volume has increased by 61.03% to $11,575,242,987, which indicates a healthy demand for Ethereum tokens.

The critical support level for the cryptocurrency is still at $1,398, and if the price fails to recover above this level, there is a chance of it falling further toward the $1,350 support level, while the resistance level is at $1,543. In order to avoid further losses, traders need to remain vigilant and wait for the market to show signs of recovery.

The ETH/USD price appears to be crossing under the curve of the Moving Average,  which is a negative signal. This indicates that the bearish trend in Ethereum’s price may continue until the broader market stabilizes and starts to show positive signs of recovery. 

ETH/USD daily chart, Source: TradingView

The 20-EMA and 50-EMA also formed a bearish crossover, further indicating that the trend could continue for a little longer. The Relative Strength Index (RSI) is currently at 29.68 and could fall even further, while the MACD indicator remains in a bearish trend with its signal line below the main line.

Overall, Ethereum’s price has dropped significantly in the past 24 hours, and it appears that bears are still in control of the market, so traders should stay cautious and wait for signs of recovery before making any decisions.  If the price fails to recover, further losses can be expected, and prices could even fall toward the $1,350 support level.

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