Bears lay big barricades by $3K hindering Ethereum’s [ETH] growth thumbnail

Bears lay big barricades by $3K hindering Ethereum’s [ETH] growth

You are here: Home / News / Bears lay big barricades by $3K hindering Ethereum’s [ETH] growth

Ethereum

by

Even though the crypto market was painted green, the assets were still accommodating the bears. While Ethereum [ETH] struggled to surge past $3K Bitcoin [BTC], was still stuck at $36K. All the other altcoins were recovering from the recent crypto crash. The market cap of the crypto industry grappled to make it to $2 trillion but it remained at $1.60 trillion, during press time.

Ethereum [ETH] was lauded by many for its incredible price change, particularly during the latest crypto rally. The altcoin became one of the most promising assets as its yearly surge amounted to 1014%. With an all-time high of $4,362, ETH proved to be no less than any other asset. However, the recent crash left the altcoin crumbling.

At the time of writing, ETH was trading for $2,595 with a 4% surge in the last 24-hours. While Bitcoin’s market dominance slumped to 42%, ETH’s soared to 18%. Additionally, the altcoin’s market cap was noted at $299 billion, which allowed the asset to remain in the second position.

Ethereum [ETH] one-hour price chart on Binance

Ethereum

The short-term price chart of the trading pair ETH/USDT noted bear invasion. The Parabolic SAR indicator pointed out a bearish momentum as an array of dots were laid over the candlesticks which further blocked the chances of an uptrend. The Awesome Oscillator indicator laid out red closing bars announcing the presence of bears. The signal line remained below the MACD line forming a bearish crossover. Hence, the MACD indicator went on to mirror the notion of the other indicators.

TE6gnhPq

ETH’s one-hour price chart witnessed increased selling activity when compared to buying. The Relative Strength Index indicator and the Money Flow Index indicator remained intact in the sellers’ zone.

Additionally, it was observed that the Ethereum exchange inflow volume had taken a hit corresponded to the last month. Online analytics platform, Glassnode shared a tweet revealing the same. The ETH exchange inflow volume had reportedly dropped down to a one-month low of 14,847.659 ETH. The tweet read,

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *