Ethereum is consolidating around the $1.7K level.
ETH’s daily trading volume has declined by over 21%. The price movement of the crypto assets is indecisive, with neutral sentiment in the market. Major assets are fluctuating between gains and losses, while the largest altcoin, Ethereum’s recovery attempts continue to get pressured down by the bears, slipping by 2.21% over the last 24 hours. ETH might continue trading within the negative trading zone if it fails to turn around. A break above the $2K threshold is imperative. The altcoin opened the day trading at a high of $1,838. Eventually, the bearish wave triggered the price to plunge toward $1,782.
Ethereum was at $1,772 at the time of writing, with a market cap of $213 billion. The daily trading volume decreased by more than 21.21% to $13.4 billion. Moreover, the market has seen a liquidation of $46.15 million in ETH, according to Coinglass data.
Can Ethereum Turn the Tide?
The ETH/USDT trading pair, with the prevailing downside pressure, could fall back to the crucial $1,790 support range. Assuming the emergence of a death cross might trigger the altcoin’s price to retrace toward the level of $1.736 or even lower.
If the bulls came in command, the altcoin could move up to the initial resistance at the $1,828 range. A continued upside price action might drive Ethereum to its subsequent resistance at $1,877. The bullish pressure may kick off a sustained uptrend.
ETH chart (Source: TradingView)
The Moving Average Convergence Divergence (MACD) line has crossed below the signal line, implying a bearish crossover with the potential of further downside if it stays below. In addition, the Chaikin Money Flow (CMF) indicator is stationed at 0.15, hinting at money accumulation and moderate buying pressure.
ETH’s daily relative strength index (RSI) at 45.77 indicates neutral momentum—neither overbought nor oversold, in a consolidation phase. Besides, the Bull Bear Power (BBP) reading of -19.15 suggests strong bearish pressure, pushing the price down, unless there is a reversal signal.