By Alicia Maher
An additional decline in ETH price within the past 24 hours makes ETH price show bearishness. Hence, ETH/USD pair is still bearish and might remain so since the pair is likely to set a new lower high at the upcoming trading session.
ETH Performance On The 24-Hour Chart
The general market has been steeply declining in the last 24 hours following intense selling pressure on all digital assets. The RSI on the daily chart is rising gradually after a previous dip below the 35 mark. A move above the 50 mark will see ETH face strong rejection at the price corresponding to that level.
The MACD on the 24-hour chart indicates that the bears are gradually being exhausted. This is good news for short-term traders as they can position themselves to make short gains as ETH aims for the $2.8K territory.
ETH/USD 24-hour chart. Source: TradingView
This $2.8K level represents ETH’s next crucial resistance and will indicate the seriousness of the bulls in rescuing ETH from the bears’ control. All the top ten digital assets (including BTC and ETH) are in red, with BTC losing 2.48%, while ETH has lost 3.34%.
The second leading cryptocurrency has been trading within the $2.51K and $2.73K range within the past 24 hours. Thus, showing intense volatility. Consequently, the total market cap now stands at $316.66B while trading volume is now $19.84B, showing a 27.3% increase and an 18.44% increase in market dominance.
ETH Performance On The 4-Hour Chart
The 4-hour chart shows that ETH is bouncing off the $2.5K support and is about to set a new lower high. ETH has been bullish within the past seven days and went close to hitting its previous peak price of $3.3K after hitting $3.2K last Wednesday. However, it has been dipping since then. It has surged below the $2.85K level, with more intense selling pressure still occurring. On Monday, ETH showed a few signs of recovery at the $2.6K mark with help from the strong market forces.
ETH/USD 4-hour chart. Source: TradingView
Yet, almost all the gains were overturned back to losses following strong selling efforts by the bears overnight. Hence, as of this morning’s trading session, the loss has risen to nearly 32% and a decline in price to the $2.5K level. While there will likely be a renewed selling pressure, there is a narrow bounce currently happening.
The general ETH price movement is still on a downtrend and would still remain so for at least the next 24 hours. After that, sellers will intensify efforts to break below the $2.5K support level. ETH trades at $2.59K as of this writing.
Ethereum’s Challenge For The Top
Despite the great debate that ETH would likely replace BTC as the number one cryptocurrency. However, BTC is still 100% more valued among investors than ETH, and ETH usually toes the line of BTC in terms of performance. Also, ETH is yet to solve its scalability issues, which many consider its main obstacle to being a true BTC rival.