According to the most recent cryptocurrency news, bears are in charge of the market as Ethereum’s price has fallen below $1,900. After a brief period of relative stability, the cryptocurrency’s price, fluctuating between $1,800 and $1,938 recently, has started to decline.
At the time of writing, the price of Ethereum is $1,865, a decrease of 3.5% over the previous day. The coin now has a $221 billion market cap, and its 24-hour trading volume is estimated at $8.67 billion. Many analysts think that Ethereum is still in a bull market despite the recent decline and that this is just a temporary setback.
The cryptocurrency might go below the $1,800 threshold and find more support at about $1,750 if prices continues to stay low. The current decline in the price of Ethereum is a result of a general pattern in the cryptocurrency market.
The price of Bitcoin, the biggest cryptocurrency in the world, has also dropped significantly recently, dropping below the $50,000 threshold for the first time since early March. There are many reasons attributed to the decline. One is the increased attention that regulators from around the world are paying to the Bitcoin business.
Governments and financial organizations are getting more worried about cryptocurrencies’ dangers and are seeking better ways to control them. The pressure on cryptocurrencies increases as more investors flock to traditional safe-haven assets like gold.
They highlight the expanding use of blockchain technology and the rise in institutional investors’ interest in cryptocurrencies. The recent decline in the price of Ethereum serves as a reminder of the market’s turbulence.
Further Analogy On The Ethereum’s Bearish Trend
It can be a profitable investment option, but its price is also prone to abrupt and occasionally jarring changes. Investors should be ready for this turbulence and only put money at risk. Investigation reveals that both 50-EMA and 20-EMA are experiencing a downward slope, showing a bearish trend in the market.
Meanwhile, as of this report, the Relative strength index (RSI) stands at 44, indicating that the market lacks momentum. Again, after a careful study of the Moving Average Convergence Divergence (MACD), it was realized that it is moving in bearish territory. Experts say this is a bad omen, as investors should look out for a bearish dip in the price of Ethereum anytime soon.
It was gathered that the signal lines are moving downward, just below the MACD lines, which also represents a bear crossover. Also, as of the time of the report, Ethereum Moving Average (MA) stands at $1,873, and there has been so much pressure from industry stakeholders to perform a resistance level. Meanwhile, analysts have acknowledged this latest trend and are optimistic that it will bounce back, as its counterparts, like the BTC, are still doing well in the market.