Summary
- Ethereum trading around $1,590, down 0.30% amid market uncertainty
- ETH liquidations worth $17.69 million highlight ongoing volatility
- Technical indicators signal continued bearish pressure
- Critical resistance at $1,640 must be reclaimed for recovery
Bearish Pressure Persists
The largest altcoin continues facing significant downward pressure near the $1,590 range. Despite opening at $1,564 and briefly pushing to $1,615, Ethereum failed to maintain momentum, quickly retreating from its daily high.
Ethereum’s market cap stands at $191 billion with daily trading volume reaching $10.86 billion, though this reflects a concerning 22.98% decrease from previous periods. The recent market turbulence resulted in substantial ETH liquidations totaling $17.69 million.
Technical Signals Point Downward
The ETH/USDT pair’s MACD and signal lines have crossed below zero, a classically bearish formation indicating negative momentum. The Chaikin Money Flow (CMF) at -0.13 confirms capital outflow, while the Bull Power value at -3.03 provides further evidence of market weakness.
Key Levels to Watch
If bearish pressure persists, Ethereum could retrace to support at $1,512. Failure here might trigger a death cross formation, potentially accelerating decline toward $1,500.
For recovery, ETH must reclaim and hold above $1,614. A sustained break could propel the altcoin toward the critical $1,640 resistance level, which would establish a foundation for a potential uptrend.
ETH chart (Source: TradingView)
Market Outlook
Despite bearish indicators, the daily RSI at 46.85 suggests neutral conditions. The broader cryptocurrency market operates within the “fear zone,” with Ethereum trapped below the significant $2,000 threshold.
A sustained recovery would require either significant buying pressure at current levels or broader market catalysts. Breaking above $2,000 would represent a psychological victory for bulls and potentially signal a meaningful trend reversal.
The coming days will prove critical in determining whether Ethereum can break its downtrend pattern or if further consolidation awaits.