Summary
Ethereum remains near $1,590, down 0.30% due to prevailing market uncertainty.
By liquidating roughly $17.69 million worth of ETH, recent volatility remains pronounced.
Technical indicators continue to point to sustaining bearish pressure.
For Ethereum to enter a proper recovery, investors first need to reclaim the $1,640-level of resistance.
Pressure from the bears remains firmly entrenched.
The leading altcoin is still under considerable downward pressure around the $1,590 level. Ethereum that began the day trading at $1,564 soon surged as high as $1,615, but it swiftly lost momentum and quickly retracted from its intraday peak.
Currently, Ethereum’s $191 billion market cap is accompanied by approximately $10.86 billion in daily trading volumes—a 22.98% contraction from earlier periods. Amid the market turmoil, traders liquidated over $17.69 million in ETH.
Technical Indicators Suggest a Downturn
The ETH/USDT pair’s MACD and signal lines have dipped beneath zero, generating a classically bearish signal that signals negative momentum.
A CMF figure of -0.13 signals a capital outflow, and a Bull Power reading of -3.03 offers additional proof of market weakness.
The Principal Levels to Monitor
Persistent bearish pressure may push Ethereum back toward its support at $1,512.
Should this level crumble, it could initiate the formation of a death cross—potentially hastening a slide toward $1,500.
In order for ETH to recover, it must first reclaim and sustain a position above the $1,614 threshold.
If the rally continues, the altcoin may charge toward the crucial $1,640 resistance, laying the groundwork for an eventual uptrend.
Visit TradingView for the ETH chart.
Market Outlook
Although bearish signals prevail, the daily RSI reading of 46.85 indicates the market is neutral.
The wider cryptocurrency market lurks in the “fear zone,” with Ethereum still confined beneath the pivotal $2,000 level.
For a lasting upswing to take shape, Ethereum will need to draw substantial buying pressure at current prices — or depend on wider market catalysts.
Surpassing the $2,000 milestone would amount to a psychological triumph for bulls and could hint at a meaningful shift in the trend.
The near-term period will be pivotal in revealing whether Ethereum can pierce its downtrend pattern or else roll into a fresh consolidation phase.