Ethereum has dropped by more than 8% over the past 24 hours as the crypto-bloodbath continues. Bears are in control of the market as the currency steps very close to the $ 1000 price level. The big sales have also affected Bitcoin greatly, as the crypto itself has lost more than 33% in the past week.
It has also caused other market attractors to seriously fall on their respective charts. Ethereum lost its support at $ 1300 and now looks at $ 1000. Buyers have left the market as the coin remains extremely sold out.
The global crypto-currency market capitalization is at $ 950 billion today with a decrease of 3.7% in the last 24 hours. The trading volume of the currency has also grown significantly over the past day.
Over the past few days, Ethereum has shown considerable volatility as the currency has traded between $ 1600 and $ 1200 respectively. Now, if sales continue in the market, ETH may not see a price correction over the immediate trading sessions.
Ethereum Price Analysis: One Day Chart
ETH trades at $ 1122 on the one-day chart. The coin last traded around this level at the end of January 2021. This point for the currency has caused a surge in the past where the currency has soared and traded more than $ 4,000.
Withdrawal from the sellers could potentially drag Ethereum below the $ 1000 price level. The currency’s immediate price support level stood at $ 1014.
The volume traded was seen in the network and this indicates clumsy control of the market. The resistance for the currency was $ 1271 and then at $ 1600. A buyer listing can help ETH visit $ 1200 again.
technical analysis
After the coin dived into the nose, the sales force increased excessively. The relative strength index also reached its lowest point in the year, which means that there is still a large amount of sales in the market.
RSI was parked below the 20 point meaning sellers took over the market. Usually after a better selling price tends to offer a correction.
However, other technicals on the charts still point to a bearish price action, so it is difficult to determine when and how soon ETH will come under.
Similarly, the price of ETH was below the 20-SMA and this also meant that the market favored the sellers as they drove the price momentum.
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Consistent with other indicators, moving average convergence divergence also exhibited a negative reading. MACD depicts the price momentum and change in the same. The indicator underwent a clumsy crossover and flashed red histograms.
The red histograms grew in size which were sales signals for Ethereum. Chaikin Money Flow was bearish, which meant that capital inflows were negative compared to outflows. This indicates heavy bearish price action in the market.
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