Ether (ETH) price, the leader among alternative cryptocurrencies, got off to a good start in 2024 by adding more than 79.34% to its valuation, which led to the price reaching a high of $4,094.75. Following a period of trading in a sideways direction, the bulls experienced a loss of impetus, and ever since then, the price has been trading under the influence of a bearish outlook.
The worldwide market capitalization of the cryptocurrency industry has had a correction of 9.87% over the course of the last day, which has led to its valuation plummeting to a level that is two months lower than it was before, which is $2.10 trillion.
The Ethereum Token Defines Its Essential Support Level
The price of Ethereum continues to exhibit a strong bearish influence, as seen by the fact that it has recorded a fall of 9.55% over the course of the past day. Ethereum Token has broken down its crucial support level.
In addition, the Ethereum token has experienced a loss of 12.64% over the course of the past week and 19.48% over the course of the past 30 days, which is indicative of a growing apathy among investors in it.
Following the dissolution of its symmetric triangle pattern, the Ethereum token has created a falling channel pattern and is continuing to trade within it. This represents a gloomy prognosis for the cryptocurrency that is currently in the lead among alternative cryptocurrencies in the near future.
There is an increase in the amount of selling pressure inside the cryptocurrency area, as indicated by the MACD technical indicator, which displays a red histogram that is growing. Additionally, the averages exhibit a bearish convergence, which indicates that the price will continue to lose value throughout the course of this week.
Will the Price of Ethereum Ever Again Go Up?
In the event that the market regains its momentum, the price of Ethereum will test the level of $3,150 that serves as its resistance. If the price is able to remain at that level, it will provide the conditions necessary for the Ethereum price to attempt to test its upper resistance level of $3,500 over the course of the following weeks.
In spite of this, the Ethereum token will continue to trade under a negative impact and will plummet to test its important support level of $2,631.50 in the future period. This will occur if the bears continue to hold dominance over the bulls.
Financial analyst, trader and crypto enthusiast.
Parv with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master’s program in banking and asset management. He wants to educate more people about cryptocurrencies.