Summary
- Ethereum continues trading near $1,590, down 0.30% amid persistent bearish pressure
- Recent liquidations reached $17.69 million as the crypto market remains in the fear zone
- A whale purchased 10,328 ETH ($16.37 million) at $1,585, potentially signaling market confidence
- Technical indicators show mixed signals with RSI at neutral 46.85 and negative MACD momentum
Bear Market Pressure Intensifies
Ethereum can’t seem to shake off the bearish territory that’s been holding it down. Trading at $1,590 with a market cap of $191 billion, ETH has struggled to maintain momentum after briefly reaching $1,615. The daily trading volume has touched $10.86 billion, though it’s decreased by nearly 23% recently.
The broader crypto market remains trapped in the fear zone, with mixed signals triggering uncertain price trajectories across assets. Ethereum’s modest 0.30% decline reflects this cautious sentiment.
Whale Activity Amid Downtrend
Despite the bearish outlook, on-chain data reveals significant whale activity. A large investor recently purchased 10,328 Ethereum for $16.37 million at $1,585 each. Such accumulation typically reflects market confidence even during uncertain conditions.
Technical Outlook Remains Challenging
The ETH/USD trading pair’s Moving Average Convergence Divergence (MACD) signal line has crossed below the zero line, implying negative sentiment. If bears persist, Ethereum might retrace to nearby support at $1,512. Failing to hold this level could trigger a death cross, potentially driving a sharp decline toward $1,500.
The Chaikin Money Flow (CMF) indicator at 0.13 signals capital flowing out of the asset, while ETH’s daily relative strength index at 46.85 suggests neutral conditions. Moreover, the Bull Bear Power value at -3.03 indicates weakness in the current market structure.
Potential Recovery Scenarios
For bulls to regain control, Ethereum needs to climb back to $1,614. A steady upside correction could then challenge the potent $1,640 resistance level. Breaking and holding above this zone would potentially drive a sustained uptrend, with the psychological $2,000 level remaining a significant milestone for a true sentiment shift.
The altcoin’s ability to defend current support levels while gradually building momentum will determine whether it can stage a meaningful recovery in the near term.