The Ethereum Price has plunged 4% in the last 24 hours to trade at $3516, on an 18% surge in trading volume to $15.6 billion.
Ethereum’s price recently tried to rally but lacked the necessary bullish momentum. It couldn’t stay above the $3,650 resistance level and began to drop again.
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The decline continued past the $3,600 level, eventually falling below the $3,550 support.
A low was reached around $3,430, and now Ethereum, much like Bitcoin, is consolidating its losses. Currently, it’s trading between $500 and $3,550.
Ethereum losing hype volume just before hedgefunds use ETHE to dump the price of ETH as they rotate into ETFs.
Is it manipulated 100% 🤔 let's say, strategically maneuvered to be nice.
Are we still in control of crypto 🤔 not at all. pic.twitter.com/xcpqlds95T
— BlueCollarDangerous 🎙 (@PeeCowYay) June 11, 2024
Ethereum Price Statistics
- Market Cap:$422.3 billion
- Fully Diluted Valuation: $422,29 billion
- 24 Hour Trading Volume: $15.9 billion
- Total Supply: 120.15 million
The Ethereum Price Signals A Rebound On A Support Zone
Ethereum’s price action has been marked by a struggle between bulls and bears. The bulls initially found support at $3700 but could not sustain a move higher, leading to a period of stability around $3670.
The bears then pushed the price to $3450, where bulls again found a significant support level. This dynamic reflects the ongoing tug-of-war between the market’s buying and selling forces.
ETHUSDT Analysis (Source: Tradingview)
The formation of a double-bottom pattern indicates the potential for a further decline in prices, which might cause bulls to retreat to the $2878 support zone at the pattern’s neckline. Currently, the price is trading below both the 50-day and 200-day simple moving averages (SMAs), but the bulls are pushing it above these levels to initiate a rally.
The Relative Strength Index (RSI) is showing signs of recovery. It is currently hovering around the 45 mark below the 50 midline level, indicating intense selling pressure for the ETH price. If bearish pressure continues, the RSI could continue to dip, potentially moving into the oversold zone above 30. Such a move would indicate heightened selling interest.
However, the Moving Average Convergence Divergence (MACD) indicator is currently on a bearish trend. The blue average line has crossed below the orange signal line at the neutral level, indicating a shift towards bearish momentum. Additionally, the histogram bars reflect negative momentum in the price movement, which supports the bearish outlook.
Ethereum Price May Continue The Bearish Momentum to $2878 Low
The fact that the price is holding steady around the support trendline of the pattern indicates that the bulls are maintaining their position, potentially gathering momentum to push the price back up to the April 9 high of $3800. However, the double-top pattern has provided the bears with an opportunity to drive the price downward. If the current support zone weakens, the bears could continue the downtrend, bringing the price down to the $2878 support level, which aligns with the pattern’s neckline.
Final Thought
The market is at a critical juncture. While the bulls are showing resilience at the support trendline, suggesting a potential rally to higher levels, the bearish indicators and patterns suggest caution.
If the support fails, further drop levels are likely to occur. Traders should closely monitor these support and resistance levels and the key indicators for clearer directional cues.
You can trade ETH tokens on centralized crypto exchanges, with Binance being the most popular. On Binance, the ETH/USDT pair had a trading volume of $1,230,469,991 in the last 24 hours. Other popular exchanges for Ethereum include Pionex and Gate.io.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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