Summary
Ethereum remains hovering around $1,590, down 0.30% as relentless bearish pressure persists. In the latest round of liquidations, more than $17.69 million was settled as the crypto market stays firmly in the fear zone. A whale bought 10,328 ETH ($16.37 million) on the markets at roughly $1,585—a move that may signal strengthening market confidence. Technical indicators point to conflicting readings, with RSI hovering at neutral around 46.85 and a negative MACD momentum.
Bear Market Pressure Deepens
Ethereum appears unable to dispel the bearish territory that has been holding it down. Scoring $1,590 and commanding a $191-billion market cap, ETH has found it challenging to sustain momentum since breaching the $1,615 mark. Over the past 24 hours, daily trading volume eclipsed $10.86 billion; nevertheless, it has since fallen by almost 23%.
The broader crypto market continues to linger in the fear zone, as divergent signals keep asset prices moving along unstable trajectories. Ethereum’s negligible 0.30% slide echoes that degree of caution.
Whale Movements Within the Downtrend
Nevertheless, on-chain metrics indicate pronounced whale activity. A major investor has recently snapped up 10,328 Ethereum for $16.37 million at an average price of roughly $1,585 apiece. This form of accumulation generally conveys market confidence even during periods of uncertainty.
Technically, the Outlook Remains Difficult
The ETH/USD trading pair’s Moving Average Convergence Divergence (MACD) signal line has fallen beneath the zero line, reflecting pessimistic signs. Should the bears remain in control, Ethereum is likely to pull back toward the nearby support near $1,512. If Ethereum cannot protect this line, it could provoke a death cross and initiate a steep slide down toward $1,500.
A Chaikin Money Flow (CMF) reading of 0.13 indicates money leaving the asset, while ETH’s daily relative strength index having settled at 46.85 signals neutral conditions. In addition, today’s Bull Bear Power reading of -3.03 signals fragility in the present market structure.
Recovery Outlook
In order for bulls to recapture control, Ethereum must once again top out at $1,614. An unwavering upward retracement could subsequently confront and test the formidable $1,640 resistance. Overcoming and firmly maintaining ground above this area could pave the way for a sustained uptrend, with rallying past the psychological $2,000 level marking a decisive shift in market sentiment.
Whether the altcoin can mount a meaningful rebound in the near term will rest on its capacity to safeguard existing support levels as it slowly garners momentum.