Ethereum’s fortunes took a turn for the worse in 2024 as it experienced a significant drop of 9.55% in just one day, leading to losses over the course of the week and month.
This decline was not exclusive to Ethereum, as the entire global cryptocurrency market also suffered, reaching a two-month low of $2.10 trillion. Naturally, this had a direct impact on Ethereum and other cryptocurrencies.
The price of Ethereum has been following a falling channel pattern, indicating a bearish trend. Despite a strong start to the year, with a remarkable 79.34% increase in valuation and reaching a high of $4,094.75, the bulls lost momentum and the price has been under bearish influence since then.
The global cryptocurrency market cap has experienced a significant correction of 9.87% in the past day, resulting in its valuation reaching a two-month low of $2.10 trillion. This downward trend has had a substantial impact on Ethereum and other cryptocurrencies.
In recent times, the price of ETH has seen a notable downturn, with a 9.55% correction observed in just one day. Over the past week, Ethereum’s token, ETH, has experienced a decrease of 12.64%, while over the last 30 days, it has declined by 19.48%. These figures indicate a waning interest among investors.
Following the breakdown of its symmetric triangle pattern, Ethereum’s token has formed a falling channel pattern and has remained within it. This pattern suggests a bearish outlook for Ethereum, indicating a potential ongoing decline in its price unless there is a significant shift in market sentiment.
The Moving Average Convergence Divergence (MACD) indicator reveals a rising red histogram, which signals increased selling pressure in the cryptocurrency market. Moreover, the moving averages demonstrate a bearish convergence, implying a probable further decrease in price this week.
Despite the prevailing bearish trend, there is still optimism for Ethereum’s price recovery. If market momentum picks up and investor confidence returns, Ethereum’s price could test its resistance level of $3,150. Maintaining this level could potentially pave the way for ETH to challenge its upper resistance level of $3,500 in the upcoming weeks.
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