Ethereum plummeted over 8% in the last 24 hours as the crypto bloodbath continues. Bears are in control of the market as the coin is treading very close to the $1000 price level. The major sell-off has also affected Bitcoin massively as the crypto lost over 33% in the last week itself.
This has also caused other market movers to dip severely on their respective charts. Ethereum lost its support at $1300 and now is eyeing $1000. Buyers have exited the market as the coin continued to remain exceedingly sold out.
The global cryptocurrency market cap today is at $950 Billion with a fall of 3.7% in the last 24 hours. Trading volume of the coin also grew considerably over the past day.
Over the past few days Ethereum displayed considerable volatility as the coin traded between $1600 and $1200 respectively. Now, if the sell off continues in the market ETH might not witness a price correction over the immediate trading sessions.
ETH was trading at $1122 on the one day chart. The coin last traded around this level in the end of January 2021. This point for the coin had triggered a rally in the past where the coin soared and traded above $4000.
Pull from the sellers can potentially drag Ethereum below the $1000 price level. The immediate price support level of the coin stood at $1014.
The volume traded was seen in the red and that signified bearish control of the market. The resistance for the coin stood at $1271 and then at $1600. An entry of buyers can help ETH to revisit $1200 again.
After the coin nosedived the selling strength mounted excessively. The Relative Strength Index also touched its lowest point in the year which meant that there continues to be heavy amount of selling in the market.
RSI was parked underneath the 20-mark signifying that sellers had taken over the market. Usually after a major sell-off price tends to present a correction.
Other technical on the charts however, continue to point towards a bearish price action, so it is difficult to ascertain when and how soon ETH will bottom out.
Similarly, the price of ETH was below the 20-SMA and it also meant that market favoured the sellers as they were driving the price momentum.
Related Reading | TA: Ethereum Could Resume Decline Below $1,100, Bears In Control
In accordance with other indicators, Moving Average Convergence Divergence also depicted a negative reading. MACD depicts the price momentum and change in the same. The indicator underwent a bearish crossover and flashed red histograms.
The red histograms were growing in size which were sell signals for Ethereum. Chaikin Money Flow portrays bearishness, this meant that capital inflows were in the negative as compared to outflows. This indicated heavy bearish price action in the market.
Related Reading | Ethereum Drops Below $950 On Uniswap Overnight – Here’s Why
