Ethereum is down more than 8% in the past 24 hours as the crypto bloodbath continues. Bears are in control of the market as the coin approaches the $1,000 price level. The big selloff also affected Bitcoin in a big way with the crypto losing more than 33% in the last week itself.
This has also caused other market engines to drop heavily on their charts. Ethereum lost support at $1,300 and is now looking at $1,000. Buyers exited the market as the coin continued to sell heavily.
Today, the global cryptocurrency market capitalization is $950 billion, with a decline of 3.7% in the last 24 hours. The currency trading volume has also grown significantly over the past day.
Over the past few days, Ethereum has shown great volatility with the coin trading between $1,600 and $1,200 respectively. Now, if the market sell-off continues, ETH may not see a price correction during the spot trading sessions.
Ethereum Price Analysis: 1 Day Chart
ETH is trading at $1,122 on the intraday chart. The coin was last traded around that level at the end of January 2021. This point has led the coin to rally in the past as the coin rallied and traded above $4000.
Withdrawing from sellers could pull Ethereum below the $1,000 price level. The coin’s spot price support level is at $1014.
The trading volume is seen in the red zone and this indicates a bearish dominance over the market. Coin resistance stood at $1,271 and then $1,600. The entry of ETH buyers could help them revisit $1,200 again.
After the coin fell, the selling force escalated excessively. The Relative Strength Index touched its lowest point in the year, which means that there is still a large amount of selling in the market.
The RSI has stopped below the 20 mark which indicates that the sellers are in control of the market. Usually after an intense selling price tends to present a correction.
However, other technical elements on the charts continue to indicate bearish price action, so it is difficult to determine when and when ETH will bottom.
Similarly, the price of ETH was below the 20-SMA which also means that the market is favoring the sellers because they were driving the price momentum.
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According to other indicators, the Moving Average Convergence Divergence also showed a negative reading. MACD depicts price momentum and change at the same time. The indicator underwent a bearish crossover and a flashing red histogram.
The red charts were increasing in size which was selling Ethereum signals. Chaikin Money Flow depicts a downtrend, meaning that the capital inflows were negative compared to the outflows. This indicates a severe downward price movement in the market.
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